Bloomington Small Business Owner Testifies Before U.S. Senate
WASHINGTON – Today, Bloomington resident Mike Norris, President/CEO of Warrant Technologies, testified during a joint roundtable hosted by the U.S. Senate Committees on Finance and Small Business and Entrepreneurship.
Senator Todd Young (R-Ind.), a member of both committees, co-led the roundtable and invited Norris to participate. Entitled “Tackling Tax Complexity: The Small Business Perspective,” the roundtable focused on how tax policy affects small businesses across the country.
During the event, Norris discussed the importance of Congress restoring a recently expired tax deduction for research and development (R&D) expenses. Last year, Congress failed to extend a provision in the tax code allowing American employers to immediately deduct R&D expenses. For the first time in 70 years, businesses now must amortize these investments over the course of five years, rather than 100% annually.
Norris contrasted the investment and growth his company experienced prior to the expiration of full and immediate R&D expensing with the burden his company faces now that he has to amortize those expenses.
“If these tax changes persist, the impact on small businesses, like Warrant Technologies, could be devastating,” said Norris. “Fixing the tax burdens that start this year is in the interest of every small business, our nation’s economic growth, and the ability of our small business to continue thrive and pursue research and development efforts. Adoption of the American Innovation and Jobs Act (S.866) repeals this change and incentivizes small business growth and participation in R&D.”
Senators Young and Maggie Hassan (D-N.H.) have introduced the bipartisan American Innovation and Jobs Act to address this issue. The bill would both allow businesses to once again fully deduct R&D expenses each year and expand eligibility for the refundable R&D tax credit so that more startups and new businesses can use it. The legislation is broadly supported by job creators and industry trade associations in Indiana and across the country.
“Maintaining and encouraging R&D activities here in the United States is critical to spurring economic growth, providing high-quality jobs for Americans, and ensuring our country remains competitive with our international rivals, most notably China. Congress needs to support small businesses like Warrant Technologies by passing myAmerican Innovation and Jobs Act,” said Senator Young.
Senator Young’s opening remarks during the roundtable can be found here, and his introduction of Norris can be found here. Mike Norris’s prepared testimony can be found here. A recap video of the roundtable can be found here.
Next Article Previous Article