Greater Nashua
Hassan continues push to restore R&D tax deduction
MANCHESTER - During the seventh annual Innovate New Hampshire Forum, U.S. Sen. Maggie Hassan (D-NH) vowed to continue her efforts to restore the full U.S. Research and Development tax deduction for small businesses and startups. “As years go by and industries change, Granite Staters’ drive to innovate, that irrepressible, enterprising spirit of creativity and discovery, has always endured and is at the heart of everything that the entrepreneurs do each and every day,” said Hassan. “So make no mistake, business leaders all across the state are the engine of our economic success and allow New Hampshire to punch far above its weight.” Enacted in 1981, the R&D deduction was eliminated in 2017 as part of the Tax Cuts and Jobs Act. At the time, the Joint Committee on Taxation determined that removing the deduction would produce a savings of $119.7 billion. In 2022, the ...
