Our MISSION
In 2017, Congress repealed the immediate deduction of research and development (R&D) expenses effective for tax year 2022. Forcing businesses to deduct R&D expenses over several years creates cash-flow problems and substantially higher tax bills.
The tax increase hits this year and the tax bill many small businesses face as a result is staggering.
Take action
Thankfully, there is bipartisan support to reinstate R & D expensing. Recently, Senator Maggie Hassan (D-NH) and Senator Todd Young (R-IN) introduced the American Innovation and Jobs Act which would remove this crippling tax. This important legislation could languish in Congress unless we act.
The Main Street Innovation Alliance is a coalition of small businesses, farmers, ranchers, and tax professionals calling for Congress to reverse this harmful tax change by September 15 when calendar year tax returns are due. If Congress fails to act, businesses may be forced to pay thousands or even millions of dollars in additional taxes.
