BEDFORD, N.H. — A new plan from U.S. Sen. Maggie Hassan is aimed at giving research and development startups a boost.
The legislation being introduced by Hassan would increase the research and development tax credit. Speaking Monday at Sunrise Labs in Bedford, Hassan said an expanded tax credit could lead to significant advances.
"It gives you a refundable tax credit to help you fund those new ideas that can turn into a profitable business and create jobs and really have the kind of ripple effect that we see here at Sunrise," she said.
The company is helping bring to market a device that spray-dries blood plasma. Hospitals need up to an hour to thaw blood products, but the device from Sunrise could provide plasma that's ready to go in five minutes.
"This is expected to save tens of thousands of lives, just in the U.S.," said Eric Soederberg, president and CEO of Sunrise Labs.
Hassan visited the company to showcase the new legislation that would double the research and development tax credit from $250,000 to $500,000.
Hassan advocated for a similar expansion of R&D tax credits as governor, and at the nationwide level, she is now seeking to extend the credits to small businesses with less than $10 million in annual revenue.
"It would also allow startups to take the credit against their payroll tax because, right now, that's generally the only tax a new company, before it's profitable, pays," Hassan said.
The potential economic impact of the bill is yet to be determined, but Soederberg said he would expect to see a lot more money invested in bringing forward new, cutting-edge technology and products.
"Now, these startups can run further and longer, and we work with these startups all the time, and I've spoken with several of them that applaud this effort," he said.
News Reporter at Hearst Television, WMUR-TV