ICYMI: Senator Hassan Leads Push for Tax Cuts for Innovative Businesses and Hard-Working Families

WASHINGTON – In case you missed it, U.S. Senator Maggie Hassan recently discussed with Punchbowl News her bipartisan efforts for a 2025 tax cut package, including her push to expand access to affordable housing; cut taxes for innovative businesses by fully restoring the research & development tax deduction; and cut taxes for hard-working families through a bipartisan expansion of the Child Tax Credit.

Additionally, last week Senator Hassan led a Senate Finance subcommittee hearing on providing relief to small businesses from burdensome out-of-state sales tax collection requirements. As Chair of the Fiscal Responsibility and Economic Growth Subcommittee, she is working to address the costly impact of the Supreme Court’s Wayfair decision, which requires small businesses to navigate more than 10,000 different state and local tax jurisdictions when selling products across state lines. Ahead of the hearing, she released a draft legislative framework as well as an accompanying overview on potential measures to help address the burdens that Wayfair has placed on small businesses.

Read more from Bloomberg Tax here and from Punchbowl News here or below:

Punchbowl News: Maggie Hassan on R&D, housing and the 2025 tax fight

By Laura Weiss

Sen. Maggie Hassan (D-N.H.) wants to talk about bipartisanship. In the 2025 tax fight, there’s a solid chance that’s going to be the name of the game.

Among Democrats, Hassan is one of the most vocal advocates of reviving a bigger tax break for companies’ research and development spending, which she’s worked on with members from across the aisle. Hassan likes to talk about tax cuts that boost businesses more than some of her fellow Democrats, along with party priorities like the child tax credit.

We spoke with New Hampshire’s junior senator for our latest Q&A on the 2025 tax debate. For our Q&A’s, we’re asking key tax writers similar questions and selecting a few to spotlight. This interview was edited for length and clarity.

Here is what Hassan listed as New Hampshire’s priorities for 2025: expanding the CTC, affordable housing, and reviving full, upfront deductions for businesses’ R&D costs. She also mentioned addressing climate change and clean energy investments in a tax bill. She also mentioned addressing climate change and clean energy investments in a tax bill. Now, let’s get into the details.

Q: Some businesses are concerned that R&D might get lost next year with so much to do in the 2025 tax cliff. How do you make sure that’s on the table?

Hassan: I think it’s critically important. We need to retain our economic edge and make sure that we can outcompete countries like China. There is a real race… because of the new technology that we are working to incorporate into industry and into people’s lives. And the other piece of this is a real national security piece.

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Q: What kind of role would you see yourself playing if there’s a need for bipartisan negotiation in the Senate?

Hassan: I think the group of us who have worked for a while now on R&D in particular but also on the child tax credit and on housing… we’ve had a good working relationship.

I’m spending some time really looking at how we address the housing shortage in rural and… smaller communities in our country. But we have a really good foundation, and I think we need to continue to work in the kind of way we have been. And the relationships that we’ve already built around these issues I think will continue.

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