On May 12, 2022 Gusto sent a letter to all 107 Senate and House Members of the US Innovation and Competition Act (USICA) Conference Committee calling for the inclusion of S. 749, a bill that would restore immediate expensing and expand the research and development tax credit to increase the eligibility for innovative small businesses.
The goal of the USICA is to reinvigorate domestic research and development for critical technologies, and including S. 749 in the conference report helps to achieve this goal. Small businesses are facing new challenges in supply chain constraints, labor shortages, and inflationary pressures, and an expansion of the R&D credit targeted towards small, innovative companies will make a meaningful impact on their ability to continue to invest in research and development domestically. In short, it promotes U.S. competitiveness through investment in innovative entrepreneurs.
Read the full letter here: