WASHINGTON — U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.) introduced the bipartisan American Innovation and Jobs Act to support research and development (R&D) investments by innovative small businesses and startups.
Currently, companies and startups investing in R&D can claim tax incentives that help them to invest in developing new, innovative products that lead to additional jobs and a stronger economy. The bipartisan American Innovation and Jobs Act builds on this by expanding the refundable R&D tax credit and extending it to more startups and small businesses. In addition, the bill reverses a change in the 2017 tax law that limits companies from fully deducting R&D investments each year.
“Innovation is the engine of a strong economy, and we need to make sure New Mexico’s businesses have the tools to keep that engine running,” said Heinrich. “These tax incentives will encourage more of our small businesses and startups to invest in the products and technologies that help us create jobs people can build their families around, spur economic growth, and maintain our nation’s competitive edge.”
“Investing in research and development is the heart of American economic strength and innovation. By restoring full R&D deductions and expanding the refundable tax credit for startups and small businesses, this bipartisan bill will help the U.S create new products, grow local economies, and maintain our competitiveness on the global stage,” said Luján. “I’m proud to reintroduce this bipartisan legislation to support innovation and good-paying jobs.”
The bipartisan American Innovation and Jobs Act supports innovative businesses and helps create jobs by:
Read the full text of the bill here.
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