Congressman Lamar Smith 21st district of Texas

Contact: Beth Frigola (202) 225-4236

Washington, Mar 1, 2006 - Congressman Lamar Smith (TX-21), Co-Chairman of the Congressional High-Tech Working Group, stood with House leaders today to unveil the “Innovation & Competitiveness Act,” a package of bills designed to spur economic growth and keep America competitive in today’s global economy.

“America has led the world economically over the last century,” explained Congressman Smith. “But we can’t rest on our laurels. To compete today, we need to encourage innovation, foster creativity and promote a talented workforce. To do these things, we must remove burdensome regulation and litigation. We must make research and education a priority. And finally, we must lower taxes and protect intellectual property rights.”

The High-Tech Working Group’s “Innovation & Competitiveness Act” contains the following provisions and objectives:

1. Frivolous lawsuit reduction measures that will reduce the burden of meritless lawsuits on America’s small business owners so they can focus resources on growing their business and creating new jobs.

2. An expansion of the Research and Development Tax Credit to ensure businesses have the resources they need to stay competitive in a changing global marketplace.

3. Loan forgiveness for math and science teachers as well as funding for new science Master’s Degree programs to enhance America’s talent pool.

4. Business activity tax provisions that will limit certain state taxes to promote online commerce.

5. Health Internet technology provisions that promote the use of technology to improve the efficiency and quality of care in our health care system.

“In addition to these measures, we must also look at ways to protect intellectual property,” concluded Smith who serves as Chairman of the House Subcommittee on Courts, the Internet and Intellectual Property. “Intellectual property industries account for 40 percent of our economic growth and about half of our gross domestic product. By protecting American ideas we can ensure a high quality of life for our citizens for the next century and beyond.”