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Source: United States Senator for Kansas – Pat Roberts

Washington, D.C. – U.S. Senators Pat Roberts (R-Kan.) and Chris Coons (D-Del.) today introduced the Support Small Business R&D Act of 2020, which would help startups and small businesses take advantage of the research and development (R&D) tax credit.

“Innovative startups and small businesses are some of the greatest drivers of economic progress in our nation, and it’s critical that these entrepreneurs are able to easily access the R&D tax credit which will provide long-term benefits to our local communities and economy,” said Senator Roberts. “Research and development is vital in creating new technology and products, which this legislation will help support.”

“Research and development drive American progress, particularly when small businesses lead the charge. The U.S. R&D tax credit helps encourage private sector innovation, but it only works when American business owners know how to use it. I am proud to work with Senator Roberts to make sure that our startups and small businesses have the tools they need to take advantage of the R&D credit, which provides critical support for their investment in our shared success,” said Senator Coons.

In 2015, Congress passed legislation to make the R&D tax credit permanent and expanded access to the credit for more startups and small businesses. Despite these changes, many entrepreneurs do not have the information necessary to take advantage of the Federal income tax credits that benefit their business enterprises, especially for research and development.  

The Support Small Business R&D Act of 2020 would require the Small Business Administration and the Internal Revenue Service to work together to develop tax credit educational outreach, training and materials for startups and small businesses that engage in research and could be eligible to use the R&D credit to offset their expenses. Informational materials would be made available to programs administered by the SBA, including women’s business centers, veterans’ business outreach centers, export assistance centers and nonprofit research partners. Such materials would also be made available to universities, business incubators and business accelerators.

MIL OSI USA News