Initiative follows high tech roundtables in Amherst and Rochester
U.S. Rep. Kathy Hochul, NY-26, introduced legislation this week to provide a research and development tax credit, which deducts small businesses' tax liability for research and experimental costs. In addition to reinstating the tax credit, which expired in 2011, this legislation would make the credit permanent for small businesses and includes a bonus tax credit for companies that make it in America.
"Small businesses serve as one of our primary job creators, and we must work to help provide the necessary conditions to grow and innovate," Hochul said. "By investing in research and development, our local businesses will break into cutting-edge industries and create a sustainable and strong regional economy."
"We strongly support the congresswoman's proposed legislation to strengthen the research and development tax credit, and we look forward to our ongoing relationship and opportunities in Western New York," said Wesley Thomas of Sentient Science Corporation.
Over the past two weeks, Hochul has held roundtables meeting with more than 35 local businesses and economic development leaders in the Buffalo and Rochester areas to discuss the high tech industry and potential for economic growth through research and development.
The research and development tax credit, which credits businesses for research and experimental costs, expired in 2011. Hochul's legislation not only extends the tax credit, but also makes it permanent and refundable for small businesses.
This bill is part of Hochul's "Make It In America" agenda.