U.S. Rep. Jackie Walorski (R-Ind.) introduced legislation to double the R&D tax credit and allow more startups and small businesses to access the credit.
“America’s recovery from the unprecedented crisis we are facing will be driven by our innovative and entrepreneurial spirit,” Congresswoman Walorski said. “Doubling the R&D tax credit will encourage companies – especially small businesses and startups – to invest more in research and development that will unleash economic growth and prosperity. This commonsense measure will go a long way toward keeping America ahead of our global competitors and ensuring we continue to lead the world in scientific discoveries, technological breakthroughs, and cutting-edge manufacturing.”
Each year the U.S. government provides billions of dollars in funding to innovative businesses through the R&D tax credit program. This legislation would double the existing traditional R&D tax credit rate from 20 percent to 40 percent of the increase in R&D spending for more established companies, and would double the existing alternative simplified credit rate from 14 percent to 28 percent of the increase in R&D spending, according to the summary. For companies with no history of U.S. research in the past three years, the credit would more than double from 6 percent to 14 percent of R&D spending.
Companies with relatively low income in the past five years have the opportunity to utilize the R&D tax credits to offset Social Security payroll taxes, with the limit on the amount they could claim doubling from $250,000 to $500,000, the bill summary says.
“This is a great step to support innovation and entrepreneurship in the U.S. which will drive economic growth in the years to come,” said Lloyed Lobo, President of R&D tax credit software Boast.AI. “However, using R&D tax credits to offset income taxes or Social Security payroll taxes may not be feasible in the next two years as many businesses may not have profits to be taxable and may not have significant Social Security payroll tax liability due to reduced headcount as a result of the global pandemic and looming recession. Additionally, using R&D tax credits to offset Social Security payroll taxes can be a long process for startups and small businesses as they have to wait several quarters before recognizing the full cash benefit of the credits. Instead of tax offsets, a direct refund check should be provided to companies upon their R&D tax credit filing, similar to countries like Canada and the UK.”
The full text of the legislation can be found here.
Traumatic Brain Injuries A Common Occurrence In The US. Here Is Why
Data from the Brain Injury Association of America shows that over 3.5 million cases of traumatic brain injury (“TBI”) are reported in America each year.
TBI injuries to the brain often result from a blow to the head with a blunt object or a sudden and back and forth jerking of the head. A TBI can also result from a penetration injury, such as a gunshot shot to the head.
Why TBIs Are Common
There are many ways through which a person could sustain traumatic brain injuries, which is the reason behind their prevalence. The leading cause of TBIs are falls, which account for approximately 40 percent of TBIs. Other common causes include motor vehicle accidents, contact sports, assaults, and firearm injuries.
TBIs can affect persons of any age. However, studies show that children under five, individuals ages 15 to 24, and older adults above 75 have a greater prevalence of developing traumatic brain injuries.
Service members, homeless people, and persons in correctional facilities also have a high chance of suffering a TBI because of their environments.
Classification of TBIs
TBIs fall into three main categories;
- Mild TBI, also referred to as concussions
- Moderate TBI
- Severe TBI
Concussions are the most common and easiest to treat. They usually result from a violent rocking of the head after a fall or in contact sports. Though mild, it is essential to see a doctor after a concussion. Even with proper treatment, healing can take a few weeks to months.
Moderate and severe TBIs are the more severe brain injuries. While it is possible to suffer a moderate to severe TBI from a simple fall, the most common causes are falls from heights, a severe blow to the head through an accident or an assault, and penetrative head injuries, such as a gunshot.
Unlike concussions, whose symptoms can heal in a few weeks, moderate to severe TBI patients may have to live with their injuries for much longer and sometimes even for life.
Treatment for TBIs
Treatments for TBIs differ depending on the severity of the injury. The first stage in treatment is the diagnosis stage. While moderate and severe TBI may manifest immediately after an accident, concussions may not and can take as many as 48 hours before showing up.
Therefore, it is essential to see a doctor if you have had an accident, even when you may not feel injured. Seeking medical attention will help rule out the possibility of injuries that may take longer to show, like a concussion.
Fortunately, most treatments for traumatic brain injuries do not require surgery. Also, treatment procedures have improved over the years, which means you can almost be sure that doctors will only recommend a procedure when it is vital.
The Cost of Treatment
The cost of treating TBIs can vary widely based on the severity of injuries and the procedures used to treat the injuries. “Brain injuries often require a life care plan that establishes all future needs and the cost for this care. Recovering enough money for our clients to be fully compensated for their pain and suffering, past and future economic losses and the millions that are often required to pay for future care needs related to their TBI is always our goal.” says injury attorney Jon Ostroff of Ostroff Injury Law.
The cost goes beyond the cost of treatment. It also includes lost wages, physical pain, and complete alteration of a person’s quality of life for severe injuries, which must be factored in when seeking compensation for damages resulting from another person’s negligence.
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