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Tax Deduction for Research & Development Restored: Boosting Innovation.

This bill reinstates the ability to immediately deduct research and experimental expenditures from taxes. This means businesses investing in innovation can reduce their tax burden more quickly, potentially encouraging greater investment in new technologies and products. Ultimately, this could lead to job creation and economic growth.
Key points
Businesses can once again fully deduct research and experimental expenses in the year they are incurred, rather than spreading them over several years.
This change aims to encourage companies to invest more in innovation and the development of new technologies.
It may lead to an increase in innovative products and services available in the market and the creation of new jobs.
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Expired
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Additional Information
Print number: 117_HR_1304
Sponsor: Rep. Larson, John B. [D-CT-1]
Process start date: 2021-02-24
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

American Innovation and R&D Competitiveness Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_1304.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-02-24.

What are the main provisions?

Key points include:

  • Businesses can once again fully deduct research and experimental expenses in the year they are incurred, rather than spreading them over several years.
  • This change aims to encourage companies to invest more in innovation and the development of new technologies.
  • It may lead to an increase in innovative products and services available in the market and the creation of new jobs.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Larson, John B. [D-CT-1].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Economy