S. 455 · 114th Congress
Innovators Job Creation Act of 2015
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
RobertsSponsor2 cosponsors · 2 D
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Amends the Internal Revenue Code to allow a qualified small business to elect 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.
What it does: CRS summary · Introduced in Senate · Feb 11, 2015
Innovators Job Creation Act of 2015
Amends the Internal Revenue Code to allow a qualified small business to elect 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.
Defines "qualified small business" as a corporation, a partnership, or a person other than a tax-exempt organization that had gross receipts of less than $5 million for the taxable year and that did not have gross receipts for any period preceding the five-taxable-year period ending with such taxable year.
Limits: (1) the number of years a taxpayer may elect to offset payroll taxes under this Act to five, and (2) the annual amount of such offset to $250,000.
Allows an offset of research tax credit amounts against alternative minimum tax liability.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Innovators Job Creation Act of 2015
Latest action (Feb 11, 2015): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Feb 11, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.