BEDFORD, N.H.--(BUSINESS WIRE)--Senator Hassan visited Sunrise Labs to discuss her R&D Tax Credit Expansion Act with President, Eric Soederberg. The Senator recognizes the importance of entrepreneurship and innovation and the need for government to encourage and support start-ups. The tax credits will be extended to small businesses with less than $10 million in annual revenue, and will allow startups with little or no profit to take the credit against all their payroll tax.
"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," Hassan said.
During her visit, Senator Hassan viewed several of the products Sunrise is working on including the FrontlineODP (On Demand Plasma) system being developed for Velico Medical. Velico’s technology spray-dries blood plasma, which can then be stored with or without refrigeration for long periods and reconstituted with sterile water in 5 minutes at the point of care. Velico Medical is funded by BARDA (the Biomedical Advanced Research and Development Authority), (contract HHSO100201200005C). The availability of plasma at the point of care for bleeding patients is expected to save 10’s of thousands of lives around the world by making plasma readily available for emergency response including mass casualty events, on battlefields, and in other settings where minutes count in saving lives.
Many of Sunrise Labs’ clients have taken advantage of the R&D Tax Credits. With the bill Senator Hassan is sponsoring, these startups will be able to use tax credits to offset all payroll taxes.
"Now, these startups can run further and longer and thus have a greater chance of success. We work with many of these startups, and I've spoken with several of them that applaud this effort," Soederberg said.
Soederberg also had the chance to discuss with the Senator other tax and government issues that challenge businesses. He stressed the need for a stable business environment to encourage investments, and the need for lasting; and therefore, bi-partisan policy to address the big problems, like the Climate Crisis, which pose tremendous risks for businesses.