Bill Doubles the Research and Development Tax Credit for Startups in New Hampshire & Across the Country
WASHINGTON – Senator Maggie Hassan’s bipartisan legislation to expand the refundable research and development (R&D) tax credit for startups and small businesses has gained support among entrepreneurship and innovation leaders. Senator Hassan announced the bill during a visit to Sunrise Labs in Bedford, New Hampshire, which develops products for startups and companies.
The bipartisan Research and Development Tax Credit Expansion Act – sponsored by Senator Hassan and Senator Thom Tillis (R-NC) – would expand the R&D tax credit for new and small businesses by doubling the refundability of the credit from $250,000 to $500,000, extending the credit to all small businesses with less than $10 million in annual revenue, and expanding how the refundable credit is claimed against payroll taxes. The legislation also strengthens incentives for startups to increase R&D investment and removes barriers that limit startups’ ability to claim the credit.
See below for statements of support from key entrepreneurship and innovation leaders:
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