Senator Hassan Statement on Bipartisan Tax Deal to Restore R&D Tax Deduction with Tailored Expansion of Child Tax Credit

WASHINGTON – U.S. Senator Maggie Hassan (D-NH), who introduced the bipartisan legislation to restore the research and development (R&D) deduction, released the following statement on the bipartisan tax deal announced today that would restore the R&D deduction and provide a tailored, bipartisan expansion of the child tax credit:

“The bipartisan deal we have reached to restore the R&D tax deduction and provide a tailored expansion of the child tax credit will help drive innovation here in America and help children and families thrive. I have been strongly pushing to incentivize American R&D since first introducing bipartisan legislation in 2020 to restore the R&D deduction, and with the clear growing bipartisan support in both the Senate and the House, I will keep working with my colleagues and the business community to get this deal done.”

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 bipartisan, tailored child tax credit expansion, helps communities impacted by disasters, strengthens the low-income housing tax credit, and eliminates waste and fraud. 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 of 2023. In May 2022, Senator Hassan’s bipartisan amendment to restore the full R&D deduction passed on an overwhelmingly bipartisan vote of 90-5. Senator Hassan has been a key leader in building the coalition that helped secure today’s deal.

###