Bloomington business owner Mike Norris testified Wednesday before the Senate Committees on Finance and Small Business Entrepreneurship.
He was advocating for Congress to renew a tax credit for research and development. Indiana Republican U.S. Senator Todd Young and New Hampshire Democrat Maggie Hassan hope to bring back the deduction with their American Innovation and Jobs Act.
Norris owns Bloomington-based Warrant Technologies, a software company that designs systems for government agencies such as NASA and the Department of Homeland Security.
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He said since the tax credit lapsed, his business stands to lose $400,000 in 2022 taxes.
“We've had to put everything on hold. And that includes research and development, which is what these tax credits are listed under,” Norris told Indiana Public Media.
Norris was invited by Young to testify on behalf of his bill. Young referred to Norris’s business before the Senate committees, saying, "While this change impacts businesses of all sizes, it is particularly harmful to small businesses.”
Young’s act has been introduced but would have to pass the Senate and House to become law.
