S 2199 109th Congress Senate

PACE-Finance Act

Official title: A bill to amend the Internal Revenue Code of 1986 to provide tax incentives to promote research and development, innovation, and continuing education.

Introduced: January 26, 2006 See on congress.gov

Taxation Administrative procedureCapital gains taxCommerceCongress

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Congressional reporting requirementsContinuing educationCorporation taxesData banksDepartment of the TreasuryEducationEmployee benefit plansEngineeringEngineersForeign Trade and International FinanceForeign investmentsGovernment Operations and PoliticsGovernmental investigationsHigh technologyHigher educationIncome taxInfrastructureJoint venturesLabor and EmploymentLawManufacturing industriesResearch and development tax creditScience, Technology, CommunicationsScientific educationScientific instruments and apparatusTax auditingTax creditsTax ratesTechnological innovationsWages

Everywhere this bill has been 4 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Sep 26, 2006

Sponsor introductory remarks on measure. (CR S10127)

Jan 26, 2006

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S224-225)

Jan 26, 2006

Sponsor introductory remarks on measure. (CR S212)

Jan 26, 2006

Introduced in Senate

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Latest action September 26, 2006

Sponsor introductory remarks on measure. (CR S10127)

Plain-English summary Congressional Research Service

Protecting America's Competitive Edge Through Tax Incentives Act of 2006 or the PACE-Finance Act - Amends the Internal Revenue Code to: (1) make permanent the tax credit for increasing research activities; (2) increase the rate of such credit from 20 to 40%; (3) expand such credit to include expenses of a research consortia; and (4) allow a business tax credit for the cost of employee continuing education in science or engineering.

Directs the Secretary of the Treasury to: (1) study and make recommendations on methods to expand the scope of the tax credit for increasing research activities; (2) conduct an analysis of the U.S. tax system and its effect on innovation investment and related activities; and (3) report on such studies to the President and Congress.

Bill text 1 version