HR 11 116th Congress House Taxation

Commitment to American GROWTH Act

Introduced: October 9, 2020 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Oct 9, 2020

Referred to the House Committee on Ways and Means.

Oct 9, 2020

Introduced in House

Plain-English summary Congressional Research Service

Commitment to American Growth, Renewal, and Opportunities for Workers, Technology, and Health Act or the Commitment to American GROWTH Act

This bill provides tax incentives for economic growth, research and development, and small business start-ups.

Specifically, the bill

makes permanent the expensing of qualified property (i.e., business property with a recovery period of 20 years or less, computer software, water utility property, and certain theatrical and film properties);
allows full expensing (currently, amortization for 60 months) of certain research and experimental expenditures;
increases to 40% the rate of the tax credit for increasing research activities and increases the payroll tax offset of such credit for small businesses;
sets forth a rule for determining the fair market value of intangible property held by controlled foreign corporations that is transferred to U.S. shareholders;
allows new tax credits for domestic medical and drug manufacturing and medical manufacturing equipment;
exempts from the definition of passive activity, for purposes of the passive loss tax rules, medical research activity of a medical research small business pass-thru entity; and
revises and provides for the capitalization of start-up and organizational expenditures.