Research development

U.S. Senate backs Young’s bipartisan disposition to bolster U.S. research and development – ​​Hamilton County Reporter

The U.S. Senate voted Wednesday on priorities for the next conference committee on U.S. Innovation and Competition Law, a bill led by Sen. Todd Young (R-Ind.).

Young

In a majority bipartisan vote of 90 to 5, the Senate passed a bipartisan motion proposed by Senators Young and Maggie Hassan (DN.H.) to promote American research and development (R&D).

The motion supports expanding the research and development tax credit for small businesses and preserving the ability of innovative U.S. companies to fully deduct R&D investments.

In his remarks to the Senate, Senator Young said, “We cannot compete with China without robust domestic R&D. A company investing $100 in R&D in China this year would receive a $200 deduction. In America? This company that invests $100 will only be able to deduct $10 this year. We must not lose innovation and production to China.

Senator Hassan also spoke in the Senate and said, “The Research and Development Tax Credit provides critical support to the small businesses and start-ups that fuel our economy. By strengthening the R&D tax credit for startups and preserving other research tax incentives here in America, we can outperform countries like China.

Click here to watch Senator Young’s speeches on YouTube.

Wednesday’s motion follows the continued efforts of Senators Young and Hassan to support research and development. Senators previously introduced the bipartisan U.S. Innovation and Jobs Act to restore incentives for long-term R&D investment by ensuring companies can continue to fully deduct R&D expenses each year. The bill would also double the refundable R&D tax credit and extend it to more startups and small businesses.