US Congress Senate Bill 3460 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on July 31 2012 - 25% progression, died in committee
Action: 2012-07-31 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Startup Innovation Credit Act of 2012 - Amends the Internal Revenue Code to allow a qualified small business, other than a tax-exempt organization, to use a portion of its tax credit for increasing research expenditures as an offset against its payroll tax liability under the Federal Insurance Contributions Act (FICA). Defines "qualified small business" as a corporation, partnership, or S corporation if the gross receipts of such entity for the taxable year are less than $5 million and such entity did not have gross receipts for any period preceding the 5-year period ending with such taxable year. Limits the amount of the payroll tax credit portion to $250,000 in any taxable year.

Startup Innovation Credit Act of 2012

Sen. Christopher Coons [D-DE]	Sen. Roy Blunt [R-MO]	Sen. Michael Enzi [R-WY]	Sen. Marco Rubio [R-FL]
Sen. Charles Schumer [D-NY]	Sen. Olympia Snowe [R-ME]	Sen. Debbie Stabenow [D-MI]

Date	Chamber	Action
2012-07-31	Senate	Read twice and referred to the Committee on Finance.
2012-07-31	Senate	Sponsor introductory remarks on measure. (CR S5735)

HB6319 (Same As) 2012-08-02 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/senate-bill/3460/all-info
Text	https://www.congress.gov/112/bills/s3460/BILLS-112s3460is.pdf