WASHINGTON – U.S. Senator Maggie Hassan (D-NH) joined Senators Chris Coons (D-DE), Steve Daines (R-MT), Catherine Cortez Masto (D-NV), and Todd Young (R-IN) in introducing legislation to provide expanded tax support for American companies that invest in the research and development of new products and technologies.
“We must ensure that American companies remain at the forefront of innovation, especially as we emerge from the COVID-19 pandemic,” said Senator Hassan. “This bipartisan bill will help create jobs by expanding critical R&D tax incentives for startups and small businesses. I will keep working with my colleagues on both sides of the aisle to strengthen support for innovative American businesses.”
The Furthering Our Recovery With American Research and Development, or FORWARD Act:
Senator Hassan also introduced the bipartisan American Innovation and Jobs Act in March which contains similar provisions, including immediately doubling and then further raising the cap over time for the refundable R&D tax credit for small businesses and startups.
The bipartisan bill is part of Senator Hassan's continued efforts to support innovative businesses in New Hampshire and across the country. As Governor of New Hampshire, Senator Hassan doubled the supply of state R&D tax credits and made the credit permanent. Earlier this week, the Senate passed the historic, bipartisan United States Innovation and Competition Act, which also included key priorities secured by Senator Hassan to help boost the economy and harden critical infrastructure. Senator Hassan also hosts an annual Innovate NH Entrepreneurship Forum, which features interactive workshops to help entrepreneurs from across the state get their ideas off the ground.