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Senator Hassan Statement on House Passage of Bipartisan Tax Deal

WASHINGTON – U.S. Senator Maggie Hassan (D-NH), who introduced the bipartisan legislation to restore the research and development (R&D) deduction and pushed to include it in the bipartisan tax deal, released the following statement after House passage of the deal – which restores the R&D deduction, provides a tailored expansion of the child tax credit, and will help increase access to affordable housing:

“The bipartisan tax deal is an important step toward helping businesses here in America outcompete our adversaries, while also supporting children and hard-working families – and the strong bipartisan vote today in the House shows the clear interest on both sides of the aisle in getting this done.

“I am especially encouraged that this deal includes my bipartisan measure to restore the full R&D deduction. I have been pushing for this for several years and it is great to see this deal is now one step closer to the finish line. The Senate must now pass this package as soon as possible, especially with tax filing season already underway.”

Senator Hassan has long led efforts to restore the full research & development tax deduction, and helped secure the deal announced today – which restores the research and development tax deduction, supports families with a tailored child tax credit expansion, helps communities impacted by disasters, and strengthens the low-income housing tax credit. A technical summary of the deal is available here.

Senator Hassan has led the bipartisan legislation to restore the R&D deduction, first introducing the bill in 2020 and most recently introducing this bill in March 2023. In May 2022, Senator Hassan’s bipartisan amendment calling for a restoration of the full R&D deduction passed on an overwhelmingly bipartisan vote of 90-5.