May 05, 2020

Senator Hassan Introduces Bipartisan Legislation to Boost Federal Investment in Innovative Businesses Amid COVID-19 Pandemic

Bipartisan Legislation Complements the Senator’s Efforts to Expand the R&D Tax Credit to Startups, Small Business in New Hampshire and Across the Country

WASHINGTON – U.S. Senator Maggie Hassan (D-NH) joined her colleagues in introducing bipartisan, bicameral legislation to expand support for American companies that invest in the research and development (R&D) of new products and technologies. Along with Senator Hassan, the bipartisan bill was introduced by Senators Chris Coons (D-DE), Pat Roberts (R-KS), Catherine Cortez Masto (D-NV), Todd Young (R-IN), and Steve Daines (R-MT), along with U.S. Representatives Suzan DelBene (D-WA) and Jackie Walorski (R-IN).

 

Amid the COVID-19 pandemic, increased investment in domestic manufacturing and industry can help develop solutions to combat this devastating virus and strengthen economic recovery. The bipartisan FORWARD Act would permanently expand access to the R&D tax credit for more businesses, including new small- and medium- sized businesses, to help support their efforts to invest in the development of new, innovative products.

 

“As the COVID-19 pandemic continues to drastically impact all aspects of American life, we must support innovative businesses that are working to develop solutions that will help our country recover from this crisis,” said Senator Hassan. “This bipartisan legislation—along with my efforts to expand the R&D tax credit to support startups and businesses in New Hampshire and across the country—can play a vital role in ensuring that companies on the forefront of innovation have the resources that they need during this pandemic.”

 

This bipartisan legislation complements Senator Hassan’s efforts to expand the R&D tax credit to more startups and small business in New Hampshire and across the country. Last summer, the Senator introduced bipartisan legislation to double the refundable R&D tax credit for startups and extend it to more small businesses. As Governor of New Hampshire, Senator Hassan doubled the supply of state R&D tax credits and made the credit permanent.

 

A one-pager on the bill is available here.

 

The bill text is available here.

 

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