Sign-on Letter Calling for Congress to Restore Immediate Expensing in Sec. 174 R&D Tax Deduction
Since 1954, the section 174 R&D tax deduction has enabled businesses conducting research and development to deduct these expenses in the year they are incurred. Unfortunately, this provision lapsed in 2022, significantly increasing the cost of performing R&D and receiving federal grants, such as SBIR/STTR. Many small businesses have been caught unprepared and face potential closure. Businesses and entrepreneur-support organizations are invited to sign-on to our letter calling on Congress to pass the bipartisan proposals restoring immediate expensing for the Section 174 R&D tax deduction.