Bipartisan group of senators re-introduce start-up tax credit bill

Under the bill, a start-up must be less than five years old and have less than $5 million in revenue to qualify for the tax credit.

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Sens. Charles Schumer (D-N.Y.), Marco Rubio (R-Fla.), Roy Blunt (R-Mo.), Debbie Stabenow (D-Mich.) and Jerry Moran (R-Kan.) are co-sponsors of the bill. A companion measure will be introduced in House next week by Reps. Jim Gerlach (R-Pa.) and Ron Kind (D-Wis.), members of the Ways and Means Committee in the lower chamber, which has jurisdiction over tax policy.

In a statement, Coons noted that the R&D tax credit "has helped tens of thousands of successful American companies create jobs by incentivizing investment in innovation" and that the bill would help start-ups take advantage of the tax credit.

So far the bill has been endorsed by the Silicon Valley Leadership Group, the Telecommunications Industry Association, former AOL co-founder Steve Case's Revolution investment firm and the Information Technology and Innovation Foundation.