S 866
118th Congress
Senate
Taxation
Business expenses
Income tax credits
Income tax deductions
Research and development
Small business
American Innovation and Jobs Act
Introduced: March 16, 2023
Introduced by:
Hassan, Margaret Wood
Democratic
· New Hampshire
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 16, 2023
Read twice and referred to the Committee on Finance.
Mar 16, 2023
Introduced in Senate
Plain-English summary
American Innovation and Jobs Act
This bill revises and expands the deductibility of research and experimental expenditures to allow immediate expensing of such expenditures. It also allows the amortization over a period of at least 60 months of certain other types of research and experimental expenditures not treated as expenses.
The bill increases the maximum amount eligible for the tax credit for new and small businesses and increases to 20% the rate of the credit for business startups.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1