H.R. 6713 · 116th Congress
FORWARD 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.
D
DelBeneSponsor2 cosponsors · 2 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Furthering Our Recovery With American Research & Development Act or the FORWARD Act
What it does: CRS summary · Introduced in House · May 5, 2020
Furthering Our Recovery With American Research & Development Act or the FORWARD Act
This bill 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: FORWARD Act
Also known as: Furthering Our Recovery With American Research & Development Act
Latest action (May 5, 2020): 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.
Policy area: Taxation · Origin: House · Introduced: May 5, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.