CALL TO ACTION - please help
... please co-sign this letter to Congress: https://lnkd.in/gDVDSY8e
I am reaching out with a pressing concern about the “Research and Experimentation” (R&E) tax policy change that will stifle American innovation and compromise our nation’s leadership in science, technology, and innovation.
WHY I CARE: This problem affects my tech startup TreesROI™ and the product development of INSIGHT™, as we are in the final stages of the National Science Foundation’s (NSF) Small Business Innovation Research (SBIR) pre-award negotiations. The award is critical to our R&D efforts ... but, this tax problem creates a hardship that could end our dreams! (it is unfair and illogical!)
FOR MY SPECIFIC EXAMPLE: Previously, the full grant amount would have been offset by all expenses incurred during the same year. If we are favored with an award, we will receive $275,000 of income in 2024 but only 10% of the expenses are allowed in year 1. Therefore, the taxable income for TreesROI (me) will be $247,500 ($275 x 90%) in 2024 … the expenses will be fully amortized over 60 months. (I know … it’s outrageous!)
With INSIGHT™ we can help fix tree roots to prevent them from strangling the young trees to death … but we can not fix the stranglehold of Section 174 on innovation without your help.
Please join our call to action to repeal the Section 174 tax change on innovation.
You can help by: - co-signing a letter to Congress, available here: https://lnkd.in/gDVDSY8e - reaching out to your representatives –FOR SUPPORT - sharing your story and the impact on your organization at: email@example.com Together, we can raise the awareness needed to urge Congress to pass pending legislation to reverse this devastating tax.