WASHINGTON, D.C. – U.S. Senator Maggie Hassan (D-NH), who introduced the bipartisan legislation to restore the research and development (R&D) deduction, released the following statement on the bipartisan tax deal announced Tuesday that would restore the R&D deduction and provide a tailored, bipartisan expansion of the child tax credit:
“The bipartisan deal we have reached to restore the R&D tax deduction and provide a tailored expansion of the child tax credit will help drive innovation here in America and help children and families thrive. I have been strongly pushing to incentivize American R&D since first introducing bipartisan legislation in 2020 to restore the R&D deduction, and with the clear growing bipartisan support in both the Senate and the House, I will keep working with my colleagues and the business community to get this deal done.”
The American Innovation and Jobs Act supports research and development investments by innovative small businesses and startups.
According to a press release issued Tuesday by her office, Hassan has “long led efforts to restore the full research & development tax deduction, and helped secure the deal announced today” – which restores the research and development tax deduction, supports families with a bipartisan, tailored child tax credit expansion, helps communities impacted by disasters, strengthens the low-income housing tax credit, and eliminates waste and fraud. A technical summary of the deal is available here.
Hassan first introduced the bill in 2020 and most recently in March of 2023. In May 2022, Hassan’s bipartisan amendment to restore the full R&D deduction passed on an overwhelmingly bipartisan vote of 90-5. She has been a key leader in building the coalition that helped secure Tuesday’s deal.