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Tax Benefits for Research and Development: Boosting Innovation and Small Businesses

This act aims to make it easier for companies, especially small and new ones, to deduct research and development costs from their taxes. These changes could encourage businesses to invest more in innovation, potentially leading to new products, services, and jobs. Citizens may experience indirect benefits from economic and technological growth.
Key points
Companies will be able to immediately deduct research and development costs from taxes, instead of spreading them over time.
The cap on refundable research credit for new and small businesses has been increased, gradually reaching $750,000 by 2031.
Eligibility criteria for small businesses to claim tax benefits have been expanded, increasing the gross receipts limit and extending the qualification period.
article Official text account_balance Process page
Expired
Citizen Poll
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Additional Information
Print number: 117_S_749
Sponsor: Sen. Hassan, Margaret Wood [D-NH]
Process start date: 2021-03-15
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Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

American Innovation and Jobs Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_749.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-03-15.

What are the main provisions?

Key points include:

  • Companies will be able to immediately deduct research and development costs from taxes, instead of spreading them over time.
  • The cap on refundable research credit for new and small businesses has been increased, gradually reaching $750,000 by 2031.
  • Eligibility criteria for small businesses to claim tax benefits have been expanded, increasing the gross receipts limit and extending the qualification period.
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 Sen. Hassan, Margaret Wood [D-NH].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Taxes Economy