Senator Hassan Statement on Bipartisan Tax Cut Package Vote

WASHINGTON — U.S. Senator Maggie Hassan, who introduced the bipartisan legislation to restore the research and development (R&D) tax deduction and pushed to include it in the bipartisan tax cut deal, released the following statement today after the Senate failed to advance that package — which would restore the R&D deduction, provide a bipartisan expansion of the child tax credit, and help increase access to affordable housing:

“Today, my colleagues had the opportunity to vote on a bipartisan package that would cut taxes for working families and small businesses. I am disappointed that some of my colleagues on the other side of the aisle blocked us from moving forward with this legislation today — which already passed the House earlier this year in a bipartisan vote with an overwhelming margin. Despite this setback, I am going to continue to work across party lines to pass my bipartisan measure to restore the full R&D tax deduction and cut taxes for hard-working families.” 

Senator Hassan has long led efforts to restore the full research & development tax deduction. 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.