U.S. states often cite the acceleration of start-up activity as a rationale for the research and development (R&D) tax credit. While a strong empirical base links the R&D tax credit to increased innovation, prior work provides no causal evidence that the credit effects the rate of formation and growth potential of new businesses. This article combines data from the Startup Cartography Project with the Panel Database on Incentives and Taxes to implement a difference-in-differences estimate of the impact of state R&D tax credits on the quantity and quality-adjusted quantity of entrepreneurship. The authors find that the R&D tax credit is associated with a significant long-term impact on both. In contrast, the authors observe that state investment tax credits have no impact on the quantity of entrepreneurship and lead to a marked decline in the rate of formation of growth-oriented start-ups over time. The results indicate the potential of state R&D tax credits to stimulate entrepreneurship.

中文翻译：

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国家级研发税收抵免对创业数量和质量的影响

美国各州经常将加速启动活动作为研发（R＆D）税收抵免的理由。虽然强大的经验基础将研发税收抵免与创新程度提高联系在一起，但先前的工作没有提供因果关系，即税收抵免会影响新业务的形成速度和增长潜力。本文将启动制图项目的数据与激励和税收面板数据库相结合，以实现对国家研发税收抵免对企业家数量和质量调整数量的影响的差异估计。作者发现，R＆D税收抵免与两者都有重大的长期影响。相反，作者观察到，国家投资税收抵免对创业数量没有影响，并且随着时间的推移，导致以增长为导向的初创企业的形成速度显着下降。结果表明，国家研发税收抵免可以刺激企业家精神。