H.R. 5056 · 118th Congress
Fostering Innovation and Research to Strengthen Tomorrow Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
TenneySponsor3 cosponsors · 3 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill doubles the rate of the tax credit for increasing research expenses and the alternative simplified research tax credit. It also increases the credit rate for taxpayers with no research expenses during a specified three-year period and the amount of the credit that certain small businesses may apply against payroll tax liabilities.
What it does: CRS summary · Introduced in House · Jul 27, 2023
Fostering Innovation and Research to Strengthen Tomorrow Act
This bill doubles the rate of the tax credit for increasing research expenses and the alternative simplified research tax credit. It also increases the credit rate for taxpayers with no research expenses during a specified three-year period and the amount of the credit that certain small businesses may apply against payroll tax liabilities.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Fostering Innovation and Research to Strengthen Tomorrow Act
Latest action (Jul 27, 2023): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jul 27, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.