H.R. 6685 · 118th Congress
Research and Development Tax Credit Expansion Act of 2023
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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.
D
NeguseSponsorNo cosponsors.
This bill modifies the refundable research tax credit for new and small businesses to (1) provide for an inflation adjustment to the limit on credit refundability; (2) allow refundable amounts to cover all payroll taxes paid by such businesses; and (3) extend eligibility for the credit to small businesses with less than $10 million in gross receipts…
What it does: CRS summary · Introduced in House · Dec 7, 2023
Research and Development Tax Credit Expansion Act of 2023
This bill modifies the refundable research tax credit for new and small businesses to (1) provide for an inflation adjustment to the limit on credit refundability; (2) allow refundable amounts to cover all payroll taxes paid by such businesses; and (3) extend eligibility for the credit to small businesses with less than $10 million in gross receipts (currently, less than $5 million).
The bill also increases the rate of the alternative simplified tax credit for such businesses.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Research and Development Tax Credit Expansion Act of 2023
Latest action (Dec 7, 2023): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Dec 7, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.