Letter to Charles Schumer, Senate Majority Leader, and Mitch McConnell, Senate Minority Leader - Rubio Joins Bipartisan Push To Expand R&D Tax Credit For Startups And Preserve Full R&D Expensing

Letter

Dear Leader Schumer and Leader McConnell:

We write to urge you to support U.S. economic competitiveness and innovation in any upcoming legislative package by expanding the research and development tax credit for small businesses and preserving full and immediate expensing for R&D investments.

Starting this year, innovative U.S. companies lost the ability to immediately write-off the full value of their investments in R&D. Unless Congress acts quickly to restore full and immediate expensing for R&D, this change will jeopardize high-paying American jobs and constrain domestic investment in strategically critical technologies. It is also crucial that Congress further promote U.S. competitiveness by strengthening the R&D tax credit claimed by innovative startups and small businesses across the country.

In August 2021, the Senate passed an amendment by voice vote to expand the R&D tax credit for small businesses and to preserve full and immediate R&D write-offs for U.S. innovators. We urge you to include similar provisions in any upcoming legislative package considered by Congress. Thank you for your attention to this important issue.