ITIF Issues New Policy Recommendations to Stimulate U.S. Manufacturing Innovation
Jun 1, 2020
The Information Technology and Innovation Foundation (ITIF) has release a new report with policy recommendations on how to stimulate manufacturing innovation in the United States. The report highlights how smart policy is key to ensuing the U.S. remains a global leader in advanced manufacturing in an ever-more competitive global environment. The report makes a series of recommendations to build better conditions for manufacturing to flourish in the U.S., including recommendations related to finance, tax, and talent development. The report also highlights how programs like Manufacturing USA and NIST’s Manufacturing Extension Partnership (MEP), both programs supported by ASME, play an important role in promoting technology development and dissemination in manufacturing.
This report is one of a series of reports commissioned by Indiana University’s Manufacturing Policy Initiative. The report examines how different types of policies can work together to revitalize America’s manufacturing economy. The report makes a variety of policy recommendations that address concerns related to health of the American advanced manufacturing sector, many of which have been introduced before, such as expanding tax incentives and successful manufacturing programs. But in addition to making these recommendations, the report also draws the conclusion that by implementing many of these policies together and approaching the challenges from many different angles, the manufacturing sector would see great benefits.
Specific recommendations include:
- Expand the Manufacturing USA Program
- Expand the Manufacturing Extension Partnership (MEP) Program
- Extend the Manufacturing Engineering Education Program
- Expand the Engineering Research Center and Industry/University Cooperative Research Center Programs
- Bolster Financial Support Mechanisms to Stimulate Manufacturing Innovation by Introducing Innovation Vouchers, Creating a 401(k) Program for Small Manufacturers, and Launching a Federal Loan Guarantee for Innovative Technologies in Manufacturing Program
- Restructure SBA Section 7(a) Loan Funding for Manufacturers
- Establish Manufacturing Scaling Programs and Initiatives
- Strengthen Tax Incentives to Stimulate Manufacturing Innovation
- Provide a More Robust Tax Credit for Investments in New Machinery and Equipment; Make the R&D Tax Incentive More Generous; Introduce a Collaborative R&D Tax Credit
- Establish a Grant Program Empowering Advanced Manufacturing Education at Community Colleges
- Expand Funding for NSF’s Advanced Technology Education Program
To read more reports commissioned by Indiana University’s Manufacturing Policy Initiative, please visit: https://manufacturingpolicy.indiana.edu/events/past-conferences/2020/us-competitiveness.html.