CONCORD, N.H. (AP) - U.S. Sen. Maggie Hassan of New Hampshire has helped introduce a bipartisan bill that would support research and development investments by innovative small businesses and startups.
Companies and startups investing in research and development can either claim a tax credit or fully deduct their investments, which helps them to invest in developing new products.
The American Innovation and Jobs Act would double the refundable research and development credit and extend it to more startups and small businesses. It also would preemptively reverse a change in a tax law that’s set to go into effect next year that would limit companies from fully deducting the investments each year.
“Providing support to startups and small businesses will help us jumpstart the economy and create jobs here in the U.S.,” Hassan, a Democrat, said in a statement last week. “Our bipartisan legislation would strengthen and expand R&D tax incentives, which will help drive innovation, promote economic recovery, and help U.S. businesses outcompete foreign manufacturers.”
Hassan and fellow members of the Senate Finance Committee introduced the bill. They include Republicans Todd Young of Indiana, Rob Portman of Ohio, and Ben Sasse of Nebraska, and Democrat Catherine Cortez Masto of Nevada.
Please read our comment policy before commenting.