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.
Sens. Charles SchumerCharles SchumerReagan's 'voodoo economics' are precisely what America needs When political opportunity knocked, Jason Chaffetz never failed to cash in Yes, blame Obama for the sorry state of the Democratic Party MORE (D-N.Y.), Marco RubioMarco RubioOvernight Defense: Commander calls North Korea crisis 'worst' he's seen | Trump signs VA order | Dems push Trump to fill national security posts What’s with Trump’s spelling mistakes? Boeing must be stopped from doing business with Iran MORE (R-Fla.), Roy BluntRoy BluntUnited explains passenger removal to senators Disconnect: Trump, GOP not on same page GOP senator: There will never be full U.S.-Mexico border wall MORE (R-Mo.), Debbie StabenowDebbie StabenowUSDA to ease school meal standards Medicare’s coverage decisions need more input from physicians Members help package meals at Kraft Heinz charity event in DC MORE (D-Mich.) and Jerry MoranJerry MoranIT modernization bill reintroduced in Congress At the table: The importance of advocating for ABLE GOP lawmakers lead way in holding town halls MORE (R-Kan.) are co-sponsors of the bill. A companion measure will be introduced in House next week by Reps. Jim GerlachJim GerlachFormer reps: Increase support to Ukraine to deter Russia With Trump and GOP Congress, job creators can go on offense Big names free to lobby in 2016 MORE (R-Pa.) and Ron KindRon KindLawmakers targeted as district politics shift New bill does hard job of injecting capital into needy communities House GOP campaign arm targets Democrats over ObamaCare anniversary MORE (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.