WASHINGTON – Today, the Senate Committee on Small Business and Entrepreneurship passed the Support Small Business R&D Act of 2017. The bill, first introduced by U.S. Senators Chris Coons (D-Del.) and Pat Roberts (R-Kan.) in March, will help startups and small businesses take advantage of the research and development (R&D) tax credit. Specifically, the bill will require the Small Business Administration (SBA) and Internal Revenue Service (IRS) to partner to develop educational and training materials for entrepreneurs who invest in research and who could be eligible to use the R&D credit to offset their expenses. These materials would be provided to SBA programs around the country and business development entities that partner with SBA programs, such as universities, business accelerators, and business incubators.

“The SBA and the IRS have greatly expanded the R&D tax credits available, but these credits won’t do anything to help small businesses if entrepreneurs don’t know about them, or don’t understand how to take advantage of them. This bill aims to ensure that an eligible business knows how to claim their credit,” said Senator Coons. “I am proud to work with Senator Roberts to make sure that startups and small businesses have the tools they need to continue to pursue advanced research, produce new technologies and invest in innovation.”

Senator Coons is a member of the Senate Small Business Committee and the Ranking Member on the Financial Services and General Government Subcommittee on Appropriations, which oversees funding for the SBA and IRS. He is a strong advocate for policies that support small businesses and has long been a champion for R&D tax credits as an incentive for innovation and advanced research. 

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