S. 866 · 118th Congress

Restores immediate tax deductions for research costs and expands startup research credits

Official title: American Innovation and Jobs Act1

Never got a floor voteBusiness tax breaks

§1What it does

Why this matters: A plain-English description of the bill as it was voted on, written by us from the official summary and text.

Drafted by AI from the public sources cited. Each sentence links to its source.

This bill would restore businesses' ability to deduct research and experimental costs in full in the year they are paid, for tax years beginning after 2021, while letting them choose to spread certain other research costs over at least 60 months.2,3,4 It would expand the research tax credit that new small businesses can claim against payroll taxes, raising its cap from $250,000 to $500,000 for 2023 and gradually to $750,000, and widening eligibility to firms up to eight years old with less than $15 million in gross receipts.3,4 Qualified small businesses would also get a higher rate, 20% instead of 14%, under one method of figuring the regular research credit.3,4

§2Status

StatusLatest action, March 16, 2023: Read twice and referred to the Committee on Finance.1
IntroducedMarch 16, 2023
SponsorSen. Hassan, Margaret Wood [D-NH]
Cosponsors43 cosponsors (22 Republican, 19 Democratic, 2 independent)
Official recordS. 866 on Congress.gov

§3It never got a vote

Why this matters: This bill had wide support from both parties, but it never reached the House or Senate floor, so no member of Congress was ever recorded voting for or against it.

Latest action, March 16, 2023: Read twice and referred to the Committee on Finance.1 How bills die without a vote.

2026 candidates who sponsored or cosponsored it (11)