ICYMI: Support Entrepreneurial Recovery, Enhance Small Business R&D

In a time when struggle is real, economic pressures are real, this is when new ideas are really emerging. So, is the entrepreneurial highway open for business? Or is it instead blocked and barricaded and is it full of potholes?

Small businesses have been experiencing a rollercoaster of emotions.

Bottom line is, we owe it to these businesses to ensure that policy is designed to support them.

For any new business owner or small business, the economy has changed. It’s not the same economy that we just were in even three months ago.

Tax credits traditionally were used to only offset tax liabilities. … There was a slight problem with new companies and startups—traditionally they were not profitable, they didn’t have any tax liability. These tax credits were just sitting here. … Huge shift back in the PATH Act of 2014: credits started getting utilized against payroll taxes. That was huge. You could have all these startup companies and small businesses that were pre-revenue or even unprofitable actually now be able to access and utilize these credits against the one thing they did have, payroll and payroll taxes.

a vital component in supporting innovative businesses in New Hampshire, and we need to expand it at the federal level.

R&D tax credits can form an important piece of the financing puzzle for entrepreneurs, at all sizes and levels.

We’re competing against other countries that are already changing their tax codes so that they can attract businesses to set up shop in their countries. … We need to make sure that our federal tax code is incentivized to help promote economic growth.”