With Senators Hassan & Young’s Bipartisan Leadership, Senate Includes Provision in Senate Budget Bill to Spur U.S. Innovation through R&D Tax Credit
WASHINGTON – Today, U.S. Senator Maggie Hassan (D-NH) and Todd Young (R-IN) successfully secured a bipartisan provision in the Senate budget package to promote U.S competitiveness and support American innovation. The amendment is supported by National Association of Manufacturers (NAM), the largest manufacturing association in the United States.
To watch the Senator Hassan’s remarks on this amendment to strengthen R+D investments, click here.
The bipartisan amendment builds on efforts to strengthen support in the U.S. tax code for start-ups and other U.S. companies investing in research and development (R&D) by expanding the R&D tax credit for start-ups and preserving other R&D tax incentives. In doing so, the amendment better ensures U.S. companies can stay competitive in the global marketplace and outcompete China.
In her remarks on the Senate floor, Senator Hassan said, “The R&D tax credit provides critical support and tax relief to the small businesses and start-ups that power our economy. These businesses are job creators, helping spur innovation in New Hampshire and across the country. This bipartisan amendment with Senator Young would build on efforts to expand the R&D tax credit for start-ups while protecting the tax incentives that allow U.S. companies, start-ups, and small businesses to stay competitive in our global marketplace and outcompete China.”
Senator Young also took to the Senate floor in support of the amendment: “Now, more than ever, we must find bipartisan solutions to stimulate our economy, get Americans back to work, and ensure we maintain our position on the world stage as the leader in scientific and technological innovation. This amendment would preserve funding related to U.S. competitiveness and innovation by retaining the full expensing for research & development and expanding tax incentives for small businesses. Immediate R&D expensing incentivizes long-term investments in innovation and technological breakthroughs. By passing this amendment, we can make sure the United States continues to be the world leader in this space.”
Today’s amendment follows Senators Hassan and Young’s ongoing efforts to support research and development. They previously introduced the bipartisan American Innovation and Jobs Act to double the refundable R&D tax credit and expand it to more startups and small businesses. Their bill also preemptively reverses a change in the 2017 tax law -- that is set to go into effect next year -- that would limit companies from fully deducting R&D investments each year.
As Governor of New Hampshire, Senator Hassan doubled the supply of state R&D tax credits and made the credit permanent. Earlier this summer, 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.
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