The "National Innovation Act" responds to recommendations in the National Innovation Initiative Report "Innovate America," published by the Council on Competitiveness in 2004. The Act focuses on three primary areas: increasing investment in basic research; improving science and technology talent; and developing a robust innovation infrastructure.
The legislation would, among other things, establish a President's Council on Innovation; make permanent the Research and Experimentation Tax Credit; nearly double research funding for the National Science Foundation by FY 2011; authorize funding for new and existing Professional Science Master's Degree Programs; and encourage the development of regional clusters of technology innovation.
For a summary of the legislation, go to http://lieberman.senate.gov/documents/bills/051215niasummary.doc
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