US SB2207 | 2019-2020 | 116th Congress
Status
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on July 23 2019 - 25% progression, died in committee
Action: 2019-07-23 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on July 23 2019 - 25% progression, died in committee
Action: 2019-07-23 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance 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
| Sen. Margaret Hassan [D-NH] | Sen. Thom Tillis [R-NC] | Sen. Christopher Coons [D-DE] |
History
| Date | Chamber | Action |
|---|---|---|
| 2019-07-23 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB5520 (Same As) 2019-12-19 - Referred to the House Committee on Ways and Means.
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/senate-bill/2207/all-info |
| Text | https://www.congress.gov/116/bills/s2207/BILLS-116s2207is.pdf |
