Fortunately, Delaware is also home to many great, well-established companies, and because those companies turn a profit and pay taxes, they could actually use a tax credit. So Elcriton sells its tradable credit to one of those larger, established companies (in Delaware or anywhere else in the country). The bigger company gets the tax credit, and the newer company gets the infusion of cash it needs to sustain its innovation.
It creates a win-win situation that will help create the next generation of American manufacturing jobs without focusing on a particular industry.
We can’t let tough economic times slow down the power of American ingenuity, especially when history has taught us that now is exactly the time we need to be investing in our innovators. More than half of our Fortune 500 companies were launched during a recession or bear market, so a small business founded this year could become the next General Electric or DuPont if it gets the support it needs.
Congress needs to confront this challenge with the same type of creativity and ingenuity that entrepreneurs bring to their own companies. We can build the next generation of American manufacturing by investing in American innovators today.
Sen. Chris Coons (D-Del.) is a member of the Budget Committee.