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U.S. Rep. Jackie Walorski Introduces Bill to Double R&D Tax Credit

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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.

A multi-lingual talent head, Jimmy is fluent in languages such as Spanish, Russian, Italian, and many more. He has a special curiosity for the events and stories revolving in and around US and caters an uncompromising form of journalistic standard for the audiences.

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5 Things to do in Maryland

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The East Coast of the US has a lot to offer, and although might not be top of the list for everyone, there are so many reasons why you should visit Maryland. Head to Maryland’s largest city, Baltimore – explore the harbour, or visit the beach to experience the excitement of the amusements. Immerse yourself in history with the range of museums and monuments that Maryland has to offer. Here are the top 5 things that you can do when visiting Maryland. 

1. Oriole Park at Camden Yards 

If you’re a sports fan heading to Maryland, visiting Camden Yards is a must. Home to the Baltimore Orioles, Camden Yards was opened in 1992, it’s a retro-style park and it has been from the day it was built! If you’re planning on visiting this old-school stadium, you’ll be headed right into the heart of Baltimore’s inner harbour, with a huge variety of things to see and do, experiencing an Oriole’s game means you can experience this quaint park, as well the stunning harbour surroundings. Soon, you’ll be able to place moneyline bets online in Maryland, so you can add a whole new level of excitement to your favourite baseball games. 

2. Ocean City Boardwalk 

Baltimore’s boardwalk is one of the best in the country, so if you’re looking for things to do in Maryland, this should be top of your list! The boardwalk itself dates to 1902, but it is still one of the most exciting places to visit this day. Situated right on the beach, there’s an abundance of fun to be had here, and a lot of the time, the activities are free! 

Morning or night, you can guarantee there is always something to see and do. You can head to the amusements, with arcades that are fun for the whole family, or if you’re more of a thrill-seeker, ride the rollercoaster or take in the stunning views from the top of the Ferris wheel. If you’re hungry, you’ll want to try Maryland’s famous crab cakes or if you’ve got a sweet tooth, the saltwater taffy or hot funnel cakes might be more your style. The boardwalk has something for everyone, shops, amusements, and food – not to mention the beach! 

3. Maryland Science centre

A trip to Maryland wouldn’t be complete without a trip to the Maryland science centre. Fun for both kids and adults, you can immerse yourselves in all things science. With three levels of exhibits, you can delve into learning more about astrology, palaeontology, physics and how the human body works. One of the most stunning attractions at the science centre is the rooftop observatory that allows you to explore the night sky. The planetarium is also not to be missed – an Imax theatre which features films on all things from space to butterflies. 

4. Fort McHenry 

Fort McHenry is well worth a visit for history experts and novices alike. This fort was built to defend Baltimore Harbour from a British attack in 1814. It has since then been named a ‘National Monument and Historic Shrine’. The Fort is open to visitors and is a must-see. When visiting you can choose one of the many tours to ensure you get the most from your time here, you can choose to pay for entry, or just take it all from a walk along the path near the bay. 

The visitor centre itself has artefacts and information, as well as a 10-minute film on the fort’s history that is not to be missed. Make sure you walk around the fort before you enter the grounds, and you’ll get to see canons that were used in World War 2.  

5. Baltimore National Aquarium 

The National Aquarium is considered one of the best in the Nation – so when planning your trip to Maryland, set aside some time to explore the thousands of animals it has to offer. The aquarium is situated in the Inner Harbour, so is easily accessible. Here, you can explore the depths of the ocean, the rainforest and more! This aquarium has it all – watch the sharks circle, the various species of birds take flight and watch the crocodiles snap. When visiting, you can choose a guided tour or just take your time, soaking up all that this attraction has to offer. 

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