Bipartisan Bill Would Incentivize Research and Development for Innovative Businesses and Startups
WASHINGTON, D.C. — Job creators and industry trade associations in Indiana and across the country are voicing support for S. 866, the American Innovation and Jobs Act.
The bipartisan legislation, introduced by U.S. Senators Todd Young (R-Ind.) and Maggie Hassan (D-N.H.) last month, would support research and development (R&D) investments by innovative companies across Indiana and the United States.
R&D tax incentives help job creators to invest in developing new, innovative products that lead to additional jobs and a stronger economy. Unfortunately, at the end of 2021, an R&D provision from the 2017 tax law expired and businesses can no longer deduct R&D expenses in the year in which they are incurred. The American Innovation and Jobs Act would ensure businesses can once again utilize this important economic growth tool, which also expands eligibility for the refundable R&D tax credit so that more startups and new businesses can use it.