US Congress House Bill 6713 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Republican 2-1)
Status: Introduced on May 5 2020 - 25% progression, died in committee
Action: 2020-05-05 - Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Makes several changes to the income tax credit for business expenses for increasing research activities. Specifically, the bill expands eligibility for the credit by increasing the maximum amount of gross receipts of an entity for the taxable year and using an eight-year (rather than five-year) period in the calculation of those amounts; removes the business credit carryforward from calculation of the payroll tax credit portion of the credit; includes among qualified research expenses wages paid in connection with research activity training expenses; and increases the credit rate for expenses incurred in certain collaborative research activities (i.e., conducted with higher education institutions, tax-exempt scientific research organizations, or charitable grant organizations) and qualified domestic manufacturers. The bill appropriates to the Social Security trust funds amounts equal to the reduction in revenues from payroll taxes by reason of this bill. The Internal Revenue Service (IRS) shall develop partnership agreements to provide for development of basic training relating to federal tax credits benefitting small business concerns and startups, especially credits for research and experimentation, and informational materials relating to such credits, including IRS guidance documents. Small business development centers shall provide informational materials, education, and basic training to small business concerns relating to federal tax credits, including those available to (1) businesses generally; and (2) small business concerns and startups specifically, especially credits for research and experimentation.

FORWARD Act Furthering Our Recovery With American Research & Development Act

Rep. Suzan DelBene [D-WA]

Rep. Jackie Walorski [R-IN]

Rep. Lloyd Smucker [R-PA]

Date	Chamber	Action
2020-05-05	House	Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2020-05-05	House	Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2020-05-05	House	Introduced in House

SB3593 (Same As) 2020-05-04 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/6713/all-info
Text	https://www.congress.gov/116/bills/hr6713/BILLS-116hr6713ih.pdf