Senators Push to Expand R&D Tax Credit Before Government Funding Deadline
A letter recently sent by 15 senators urges Senate leadership to expand the research and development tax credit for small businesses before the March 11 government funding deadline.
The House passed the sweeping $1.5 trillion omnibus spending package on Wednesday night, and Senate negotiators are hopeful the package will pass by Friday.
According to the letter, in August 2021, the Senate passed an amendment by voice vote to expand the R&D tax credit for small businesses and preserve full and immediate R&D write-offs for U.S. innovators.
The letter from the senators requests a similar provision be included in any upcoming legislative packages considered by Congress.
In the letter, the group of senators write that at the start of this year, many U.S. companies lost the ability to immediately write-off the full value of their investments in R&D.
The senators claim the change will jeopardize high-paying American jobs and constrain domestic investments in critical technologies if no further action is taken by Congress to expand the tax credit.
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