H.R. 11 · 116th Congress
Commitment to American GROWTH Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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BradySponsor15 cosponsors · 15 R
R
Arrington
TB
R
Balderson
RE
R
Estes
BF
R
Flores
AF
R
Ferguson
KH
R
Hern
DK
R
Kustoff
DL
R
LaHood
KM
R
Marchant
TR
R
Reed
AS
R
Smith
JW
R
Walorski
GR
R
Reschenthaler
BW
R
Wenstrup
CM
R
Miller0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Commitment to American Growth, Renewal, and Opportunities for Workers, Technology, and Health Act or the Commitment to American GROWTH Act
What it does: CRS summary · Introduced in House · Oct 9, 2020
Commitment to American Growth, Renewal, and Opportunities for Workers, Technology, and Health Act or the Commitment to American GROWTH Act
This bill provides tax incentives for economic growth, research and development, and small business start-ups.
Specifically, the bill
- makes permanent the expensing of qualified property (i.e., business property with a recovery period of 20 years or less, computer software, water utility property, and certain theatrical and film properties);
- allows full expensing (currently, amortization for 60 months) of certain research and experimental expenditures;
- increases to 40% the rate of the tax credit for increasing research activities and increases the payroll tax offset of such credit for small businesses;
- sets forth a rule for determining the fair market value of intangible property held by controlled foreign corporations that is transferred to U.S. shareholders;
- allows new tax credits for domestic medical and drug manufacturing and medical manufacturing equipment;
- exempts from the definition of passive activity, for purposes of the passive loss tax rules, medical research activity of a medical research small business pass-thru entity; and
- revises and provides for the capitalization of start-up and organizational expenditures.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Commitment to American GROWTH Act
Also known as: Commitment to American Growth, Renewal, and Opportunities for Workers, Technology, and Health Act
Latest action (Oct 9, 2020): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Oct 9, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.