Senator Hassan Recently Led in Introducing the Bipartisan American Innovation and Jobs Act to Support Innovative Businesses and Startups
WASHINGTON – U.S. Senator Maggie Hassan (D-NH) participated in a Senate Finance Committee hearing today, where she discussed how her bipartisan American Innovation and Jobs Act, which would strengthen and expand research and development (R&D) tax incentives, will help boost domestic manufacturing and help U.S. businesses outcompete foreign manufacturers. Senator Hassan led in introducing this bipartisan legislation along with Senators Todd Young (R-IN), Catherine Cortez Masto (D-NV), Rob Portman (R-OH), and Ben Sasse (R-NE), all members of the Senate Finance Committee.
To watch the Senator’s questioning, click here.
“Our bill would expand the R&D tax credit for new and small businesses by doubling the cap on the startup credit,” Senator Hassan said. “The bill would also strengthen vital R&D incentives for the manufacturing sector by preserving full R&D write-offs.”
Jay Timmons, President and CEO of National Association of Manufacturers, thanked Senator Hassan for her bipartisan efforts to support domestic manufacturing.
“I thank you so much for your leadership on this very critical piece of legislation, and the leadership of Senator Young, and the cosponsors that you mentioned as well. Put very simply, research and development is the lifeblood of manufacturing…Your bill will help ensure that the tax code continues to support innovation and it’s key to helping America be a competitive location for on-shoring,” said Timmons.
Timmons went on to highlight that the United States lags behind the rest of the developed world in creating R&D tax incentives, and noted that Senator Hassan’s bipartisan American Innovation and Jobs Act would help increase spending for research and development for manufacturers in the United States and create jobs.
Senator Hassan also questioned George Davis, Chief Financial Officer at Intel, and Jonathan Jennings, Vice President of Global Commodity Purchasing of Ford, on how her bipartisan R&D legislation would support manufacturing of semiconductors and advanced batteries. Currently, the United States is facing a critical shortage of both semiconductors and advanced batteries as a result of increased demand and supply-chain challenges amid the pandemic.
“$10 billion just in the past two years, in reference to R&D research within Ford, the ability to have the immediate deduction helps us to prioritize as we continue forward. And we need that to remain competitive globally,” said Jennings.