Full expensing of research and development (R&D) investments expired on December 31, 2021.

• As of 2022, businesses are required to expense R&D investments over five years rather than in the same year the investments occurred, which is a damaging departure from 70 years of bipartisan pro-innovation policy.
• The U.S. is now one of only two developed countries without immediate expensing for R&D.
• China is doubling down on incentives to bolster R&D, while the U.S. is making it more expensive.
• More than 10,000 American jobs will be lost each year over the next decade without immediate R&D expensing.

Learn more about the importance of restoring pro-growth tax policies here.