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HR 3640 113th Congress House Taxation Business expenses Employment taxes Income tax credits Research and development Small business

Innovation, Research, and Manufacturing Act

Introduced: December 3, 2013 Introduced by: Brownley, Julia Democratic · California See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 3, 2013
Referred to the House Committee on Ways and Means.
Dec 3, 2013
Introduced in House
 Plain-English summary Congressional Research Service

Innovation, Research, and Manufacturing Act - Amends the Internal Revenue Code, with respect to the tax credit for increasing research activities, to: (1) increase such credit (from the sum of 20% of the excess of qualified research expenses for the taxable year over the base amount, 20% of the basic research payments, and 20% of the amounts paid by the taxpayer in carrying on any trade or business during the taxable year to an energy research consortium for energy research to the sum of 30% of each of those); (2) make such credit permanent; and (3) allow such credit to offset the employment taxes of an eligible small employer, as defined by the Small Business Act.

What's happening now December 3, 2013

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1