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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.
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Status:
Expired
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Additional Information
American Innovation and Jobs Act
Print number: S 749
Sponsor: Sen. Hassan, Margaret Wood [D-NH]
Process start date: 2021-03-15
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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Summary & Status

Key Questions about Tax Benefits for Research and Development: Boosting Innovation and Small Businesses

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is 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.

Analysis and Potential Impact of S 749

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

CATEGORIES

Taxes Economy