Baldwin Introduces Bipartisan Bill to Support American Businesses’ Research and Development and Outcompete China

WASHINGTON, D.C.– U.S. Senator Tammy Baldwin (D-WI) joined a group of her colleagues in reintroducing theAmerican Innovation and Jobs Act, bipartisan legislation that will expand and strengthen American small businesses’ research and development (R&D) investments and help America outcompete global rivals, like China, who are significantly investing in R&D.
“When we invest in research and development, we invest in our American workers, small businesses, and economy. Wisconsin is a state that makes things, and I’m committed to ensuring our Made in Wisconsin economy and workers have the tools they need to pioneer the new breakthroughs and create good-paying jobs across the state,”said Senator Baldwin.“I am proud to work with Republicans and Democrats to boost American innovation, support American workers and businesses, and ensure that we don’t let countries like China get a leg up on us.”
Currently, companies and startups investing in R&D can claim tax incentives that help them invest in developing new, innovative products that lead to additional jobs and a stronger economy. The bipartisanAmerican Innovation and Jobs Actbuilds on this by expanding the refundable R&D tax credit and extending it to more startups and small businesses. In addition, the bill reverses a change in the 2017 tax law that limits companies from fully deducting R&D investments each year.
Specifically, theAmerican Innovation and Jobs Actwould help businesses innovate and create jobs by:
The bill is led by Senators Maggie Hassan (D-NH) and Todd Young (R-IN) and co-sponsored by 33 of their Senate colleagues.
Full text of the bill is availablehere.
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