CAPITO JOINS BIPARTISAN BILL TO SUPPORT INNOVATIVE BUSINESSES AND STARTUPS' RESEARCH AND DEVELOPMENT

Press Release

U.S. Senator Shelley Moore Capito (R-W.Va.) this week co-sponsored the bipartisan American Innovation and Jobs Act to support research and development (R&D) investments by small businesses and startups. The legislation was led by U.S. Senators Todd Young (R-Ind.) and Maggie Hassan (D-N.H.).

Currently, companies and startups investing in R&D can claim tax incentives that help them to invest in developing new, innovative products that lead to additional jobs and a stronger economy. The legislation builds on this by expanding the refundable R&D tax credit and ensuring that businesses can once again fully deduct R&D expenses each year.

"Future economic growth is contingent upon fostering an environment that promotes entrepreneurship, and I am committed to helping innovative startups access critical tools that will help them make their ideas and visions realities. The American Innovation and Jobs Act is one of those tools, and will help provide businesses the incentives to continue investing in valuable research and development needed to spur the economy, encourage job growth, and increase global competitiveness," Senator Capito said.

The bipartisan American Innovation and Jobs Act supports innovative businesses and helps create jobs by:

Restoring incentives for long-term R&D investment by ensuring that companies can fully deduct R&D expenses each year
Raising the cap over time for the refundable R&D tax credit for small businesses and startups
Expanding eligibility for the refundable R&D tax credit so that more startups and new businesses can use it
This bipartisan bill is part of Senator Capito's continued efforts to support innovative businesses in West Virginia and across the country. Senator Capito co-sponsored the American Innovation and Jobs Act in 2021.

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