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. Chuck SchumerCharles SchumerDemocrats urge Trump to condemn Charlottesville violence Melania Trump on Charlottesville protests: 'No good comes from violence' It's time for McConnell to fight with Trump instead of against him MORE (D-N.Y.), Marco RubioMarco RubioScarborough: Trump has chosen the 'wrong side' THE MEMO: Trump reignites race firestorm RNC spokeswoman: GOP stands behind Trump's message 'of love and inclusiveness' MORE (R-Fla.), Roy BluntRoy Dean BluntGOP debates tax cuts vs. tax reform Five tough decisions for the GOP on healthcare Lacking White House plan, Senate focuses on infrastructure MORE (R-Mo.), Debbie StabenowDebbie StabenowHead of McConnell-backed PAC: We're 'very interested' in Kid Rock Senate campaign Juan Williams: Trump and the new celebrity politics Senate Dems unveil trade agenda MORE (D-Mich.) and Jerry MoranJerry MoranRepublicans rebuke Trump over Charlottesville remarks GOP senator wants classified briefing on North Korea McConnell faces questions, but no test to his leadership 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 KindDemocratic rep calls on Wisconsin governor to expand Medicaid Congress should prioritize small farmers and taxpayers over Big Ag Why Trump is fighting Canada on softwood lumber and dairy 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.