Bill encouraging innovation among startups clears committee

The Senate Finance Committee recently approved bipartisan legislation that would enable startup companies and small businesses to utilize the research and development tax credit.

Sen. Roy Blunt (R-Mo.) was an original co-sponsor of the Startup Innovation Credit Act. The bill would allow startups to claim the research and development tax credit against payroll taxes.

The Senate Finance Committee approved a version of the bill as an amendment to the annual tax-credit extension bill, a legislative package that extends a number of expired tax provisions.

“Encouraging American entrepreneurs and startups to invest in research and development will help America compete around the world and create much-needed jobs here at home,” Blunt said. “I’m pleased this commonsense provision is moving forward, and I’ll keep working with my colleagues on both sides of the aisle to pass pro-growth policies that encourage innovation and help put more people back to work.”

Blunt also cosponsored the Revitalize American Manufacturing and Innovation Act and the Startup Act 3.0.

The Revitalize American Manufacturing and Innovation Act was introduced in August and would establish a network to bolster manufacturing innovation and global competitiveness.

The Startup Act 3.0 would establish visas for entrepreneurs and immigrants with advanced educations in science, technology, education and math fields.