Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today hosted U.S. Representative Rush Holt (D-NJ) of New Jersey’s 12th Congressional District. Holt visited Universal Display to take an in-depth look at the state of innovation in New Jersey, to view the impact economic incentives can have on science and technology companies, and to discuss the importance of science and technology companies in today and tomorrow’s economy.
Universal Display Corporation CTO Dr. Julie Brown demonstrates to U.S. Representative Rush Holt how OLED technology could enable innovative applications, such as flexible displays and lighting. (Photo: Business Wire)
Holt spoke to Universal Display employees to recognize the Company for its continued innovation and success, and he highlighted the benefit of tax credits for research and development (R&D) companies. The congressman supports economic incentives for R&D companies to drive growth and economic vitality, including job creation.
“For more than 30 years, the R&D tax credit has helped drive our economy forward – returning two dollars in private research investment for every federal dollar spent,” said Holt. “But Congress let the tax credit expire last year, putting in jeopardy future job-creating research at companies like Universal Display. It’s time to renew the tax credit and make it permanent. The R&D tax credit creates jobs now and lays the groundwork for future economic growth.”
Holt recently proposed legislation to renew and amend R&D tax credits, such the Permanent R&D Tax Credit Act and the Creating Jobs from Innovative Small Businesses Act of 2013. Throughout his career in the U.S. House of Representatives, Holt has worked closely with local business, labor, academic, and community leaders to realize continued growth and job creation in the region. Holt toured the newly expanded Universal Display facility to take an in-depth look at how economic incentives have helped one New Jersey company grow from a small R&D company into an influential global technology player in a fast-growing market.