Senate Committee Passes ‘Startup Innovation Credit’ As Part Of Annual Tax Extenders Package
WASHINGTON, D.C. – As part of his ongoing efforts to promote American innovation and boost U.S. manufacturing in an increasingly global economy, U.S. Senator Roy Blunt (Mo.) applauded the Senate Finance Committee’s passage of bipartisan legislation that would allow startup companies and small businesses to access the successful Research and Development (R&D) Tax Credit.
Blunt originally co-sponsored the “Startup Innovation Credit Act,” which was introduced by U.S. Senators Chris Coons (Del.) and Mike Enzi (Wyo.) to allow innovative startups to claim the R&D tax credit against their payroll taxes. This week, a version of the bipartisan bill was passed by the Senate Finance Committee as an amendment to the annual tax-credit extension bill.
“Encouraging American entrepreneurs and startups to invest in research and development will help America compete around the world and create much-needed jobs here at home,” said Blunt. “I’m pleased this common-sense provision is moving forward, and I’ll keep working with my colleagues on both sides of the aisle to pass pro-growth policies that encourage innovation and help put more people back to work.”
Blunt and U.S. Senator Sherrod Brown (Ohio) also introduced the “Revitalize American Manufacturing and Innovation Act,” which would strengthen American innovation and position the United States as the global leader in advanced manufacturing by establishing a Network for Manufacturing Innovation (NMI).
Blunt co-sponsored the bipartisan “Startup Act 3.0,” which creates both Entrepreneur and STEM Visas for highly-educated and entrepreneurial immigrants to stay in the United States where their talent and new ideas can fuel economic growth and create American jobs.
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