“Firms younger than five years old have been responsible for the overwhelming majority of our new jobs in recent years."
Houston, TX (PRWEB) August 10, 2012
The team at alliantgroup stands behind members of the U.S. Congress pushing to continue and expand the R&D Credit. The Startup Innovation Credit Act of 2012, written by Senators Chris Coons (D-DE) and Mike Enzi (R-WY), proposes to expand the Research & Development credit to include young companies. Co-sponsored by Senators Marco Rubio (R-FL) and Charles Schumer (D-NY), it seeks to encourage new, innovative enterprises to grow and contribute to the economy.
“The Research and Development Tax Credit has helped tens of thousands of successful American companies create jobs by incentivizing investment in innovation, but startups can’t take advantage,” said Senator Coons. “Firms younger than five years old have been responsible for the overwhelming majority of our new jobs in recent years. They are driving our nation’s economic recovery by taking risks to turn their ideas into marketable products. Let’s help build the next generation of American manufacturing by investing in American innovators with the Startup Innovation Credit Act.”
The other significant initiative is a deal announced days ago between Senate Democrats and Republicans to extend billions of dollars in tax incentives for businesses and individuals, including the R&D Credit. The federal government currently allots more than $9 billion for the Research & Development Tax Credit for businesses in many industries including software, architecture, construction, agriculture, food production, manufacturing, and others. The tax incentive is popular on both sides of the aisle.
alliantgroup’s National Managing Director and former Senior Counsel to the U.S. Senate Finance Committee, Dean Zerbe, believes the proposed legislation will be highly beneficial for the economy. “These important initiatives recognize both the value of the R&D credit and a desire to see it expand, said Dean. “The R&D credit is a vital economic tool, but one of the great frustrations is that the current rules don’t help our most innovative companies – start-ups.”
For more information, visit http://www.alliantgroup.com.
alliantgroup is the nation’s leading specialty tax firm and has helped thousands of companies claim more than $2 billion in tax incentives. alliantgroup knows the R&D credit is a crucial tool for promoting national prosperity and believes this new legislation, if enacted, would reap massive benefits across the board.