HR 7766
116th Congress
House
Taxation
Business expenses
Income tax credits
Research and development
Small business
To amend the Internal Revenue Code of 1986 to increase the research tax credit and provide better access to the credit for business startups.
Introduced: July 23, 2020
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 23, 2020
Referred to the Subcommittee on Select Revenue Measures.
Jul 23, 2020
Referred to the House Committee on Ways and Means.
Jul 23, 2020
Introduced in House
Plain-English summary
This bill increases from 20% to 40% the rate of the tax credit for increasing research activities. It also increases the rate of the alternative simplified research credit and the credit rate where there have been no research expenses for the preceding three years.
The bill also increases the amount of research expenses for purposes of calculating the payroll tax credit allowed to certain small businesses.
What's happening now
Referred to the Subcommittee on Select Revenue Measures.
Committees of jurisdiction
2