US HB5520 | 2019-2020 | 116th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on December 19 2019 - 25% progression, died in committee
Action: 2019-12-19 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on December 19 2019 - 25% progression, died in committee
Action: 2019-12-19 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Modifies the refundable research tax credit for new and small businesses to (1) increase the limit on refundability to $500,000, with an adjustment for inflation; (2) allow refundable amounts to cover all payroll taxes paid by such businesses; and (3) extend eligibility for the credit to small businesses with less than $10 million in gross receipts (currently, less than $5 million). The bill also increases the rate of the alternative simplified tax credit for such businesses.
Title
Research and Development Tax Credit Expansion Act of 2019
Sponsors
Rep. Joseph Neguse [D-CO] | Rep. James Baird [R-IN] |
History
Date | Chamber | Action |
---|---|---|
2019-12-19 | House | Referred to the House Committee on Ways and Means. |
2019-12-19 | House | Introduced in House |
Same As/Similar To
SB2207 (Same As) 2019-07-23 - Read twice and referred to the Committee on Finance.
Subjects
Business investment and capital
Employment taxes
Income tax credits
Income tax rates
Inflation and prices
Research administration and funding
Research and development
Small business
Taxation
Employment taxes
Income tax credits
Income tax rates
Inflation and prices
Research administration and funding
Research and development
Small business
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/5520/all-info |
Text | https://www.congress.gov/116/bills/hr5520/BILLS-116hr5520ih.pdf |