S 570
101th Congress
Senate
Taxation
Corporation taxes
Entrepreneurs
Gross national product
Income tax
Indexing (Economic policy)
Research and development tax credit
Research and Experimental Credit Extension and Reform Act of 1989
Introduced: March 15, 1989
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 15, 1989
Read twice and referred to the Committee on Finance.
Mar 15, 1989
Introduced in Senate
Plain-English summary
Research and Experimental Credit Extension and Reform Act of 1989 - Amends the Internal Revenue Code to make permanent the income tax credit for qualified research expenditures by repealing the provisions that would terminate the credit for expenses incurred or paid after 1989.
Revises the method for computing: (1) base period research expenses, adding a factor reflecting the gross national product growth rate; and (2) the tax credit, adding an alternative computation component.
Applies the credit to in-house research expenses that the taxpayer pays or incurs for the principal purpose of using the research results in the active conduct of a future trade or business.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1