releases: https://www.young.senate.gov/newsroom/press-releases/senators-young-hassan-introduce-american-innovation-and-jobs-act-
Data license: MIT · Data source: dwillis/congress-press
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| https://www.young.senate.gov/newsroom/press-releases/senators-young-hassan-introduce-american-innovation-and-jobs-act- | Senators Young, Hassan Introduce American Innovation and Jobs Act | 2020-10-20 | 2020 | 2020-10 | Republican | House | IN | Todd Young | Y000064 | www.young.senate.gov | legacy | October 20, 2020 Senators Young, Hassan Introduce American Innovation and Jobs Act WASHINGTON U.S. Senators Todd Young (R-Ind.) and Maggie Hassan (D-N.H.), both members of the Senate Finance Committee, introduced the bipartisanAmerican Innovation and Jobs Actto support research and development (R&D) investments by innovativesmallbusinesses and startups. Companiesand startups can either deduct R&D investments or claim them as a tax credit, which helps them toinvest in developing new, innovative products that lead to additional job creation and a stronger economy.Senators Young and Hassan's billreverses a change in the 2017 tax law to ensure that companies can continue tofully deduct R&D investments each year. Italso doubles the refundable R&D tax credit and extends it to more small businesses. Startups and other small businesses are the engines of job creation in the U.S. and will be critical to our economic recovery as we emerge from the coronavirus pandemic,said Senator Young.The American Innovation and Jobs Act will ensure we are doing our part by making the R&D credit as accessible and useful as possible so employers can focus on growing their business, while helping to create jobs and boost our economy at the same time. "Innovative businesses and startups will help drive our economic recovery from the COVID-19 pandemic," said Senator Hassan. "By expanding and strengthening R&D tax incentives, this bipartisan bill willhelp support startups, boost economic opportunity, and fuel American innovation. I'm glad to be partnering with Senator Young on this bipartisan effort, and we'll keep pushing to build momentum and get this bill passed into law." The bipartisanAmerican Innovation and Jobs Actsupports innovative businesses and helps create jobs by: Restoring incentives for long-term R&D investment by ensuring that companies can continue to fully deduct R&D expenses each year Immediately doubling andthenfurtherraisingthecap over time for therefundable R&D tax credit for small businesses and startups Expanding eligibility for the refundable R&D tax credit so that morestartups and new businesses can use it TheAmerican Innovation and Jobs Actis endorsed by the National Association of Manufacturers and the R&D Coalition.You can read a one-pager on the billhere, and the full bill text ishere. ### Print Email Tweet Previous Article | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |