S 3460
112th Congress
Senate
Taxation
Employment taxes
Government trust funds
Income tax credits
Research and development
Small business
Social security and elderly assistance
Startup Innovation Credit Act of 2012
Introduced: July 31, 2012
Introduced by:
Coons, Christopher A.
Democratic
· Delaware
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 31, 2012
Read twice and referred to the Committee on Finance.
Jul 31, 2012
Sponsor introductory remarks on measure. (CR S5735)
Jul 31, 2012
Introduced in Senate
Plain-English summary
Startup Innovation Credit Act of 2012 - Amends the Internal Revenue Code to allow a qualified small business, other than a tax-exempt organization, to use a portion of its tax credit for increasing research expenditures as an offset against its payroll tax liability under the Federal Insurance Contributions Act (FICA). Defines "qualified small business" as a corporation, partnership, or S corporation if the gross receipts of such entity for the taxable year are less than $5 million and such entity did not have gross receipts for any period preceding the 5-year period ending with such taxable year. Limits the amount of the payroll tax credit portion to $250,000 in any taxable year.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1