American Innovation and Jobs Act

Restores immediate expensing for qualifying research and experimental (R&E) costs so businesses can deduct those R&D expenses when paid or incurred instead of capitalizing them. It also changes refundable research credit rules for new and small businesses and revises the startup/small-business credit calculation and eligibility to increase access for early-stage firms.

The bill makes technical and conforming edits to other tax provisions that interact with the R&D deduction and credit; the R&E expensing rule is applied retroactively (taxable years beginning after Dec 31, 2021), refundable-credit rule changes take effect for taxable years beginning after Dec 31, 2024, and the startup credit changes apply for taxable years beginning after enactment.