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Washington D.C. — U.S. Senator Marco Rubio (R-FL) joined Senators Maggie Hassan (D-NH) and Todd Young (R-IN), and bipartisan colleagues in urging Senate leadership to prioritize expansion of the Research & Development (R&D) tax credit and ensure that businesses can fully deduct their R&D investments each year.
“We write to urge you to support U.S. economic competitiveness and innovation in any upcoming legislative package by expanding the research and development tax credit for small businesses and preserving full and immediate expensing for R&D investments,” the senators wrote.
“Unless Congress acts quickly to restore full and immediate expensing for R&D, this change will jeopardize high-paying American jobs and constrain domestic investment in strategically critical technologies,” the senators continued.
Click here to see a full list of cosponsors.
The full text of the letter is below.
Dear Leader Schumer and Leader McConnell:
We write to urge you to support U.S. economic competitiveness and innovation in any upcoming legislative package by expanding the research and development tax credit for small businesses and preserving full and immediate expensing for R&D investments.
Starting this year, innovative U.S. companies lost the ability to immediately write-off the full value of their investments in R&D. Unless Congress acts quickly to restore full and immediate expensing for R&D, this change will jeopardize high-paying American jobs and constrain domestic investment in strategically critical technologies. It is also crucial that Congress further promote U.S. competitiveness by strengthening the R&D tax credit claimed by innovative startups and small businesses across the country.
In August 2021, the Senate passed an amendment by voice vote to expand the R&D tax credit for small businesses and to preserve full and immediate R&D write-offs for U.S. innovators. We urge you to include similar provisions in any upcoming legislative package considered by Congress. Thank you for your attention to this important issue.