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Senator Hassan Secures Measure to Cut Taxes for Small Businesses and Startups in Inflation Reduction Act

Bill Includes Senator Hassan’s Bipartisan Provision to Double the R&D Tax Credit for Small Businesses and Startups

WASHINGTON – U.S. Senator Maggie Hassan (D-NH) successfully included her bipartisan measure to double the refundable research and development (R&D) tax credit for small businesses and startups in the Inflation Reduction Act.

Currently, small businesses and startups investing in R&D can claim a tax credit to help cover their investments, which helps them to invest in developing new, innovative products that lead to additional jobs and a stronger economy. Senator Hassan’s measure doubles the cap on the R&D tax credit for startups from $250,000 to $500,000.

“New Hampshire is at the forefront of innovation, and expanding this tax cut will help more small businesses and startups advance their current efforts and create the technology of the future,” said Senator Hassan. “I am pleased that the Inflation Reduction Act includes my R&D tax credit, and I look forward to seeing all that small businesses and startups will do with it.”

This measure builds on Senator Hassan’s work as Governor of New Hampshire, when she successfully worked to double and make permanent the state’s R&D tax credit. She first introduced her measure to double the federal R&D tax credit as part of her bipartisan American Innovation and Jobs Act. And most recently, Senator Hassan worked with her colleagues on both sides of the aisle to pass the competition and innovation bill that invests in American research and manufacturing.