S 2207
116th Congress
Senate
Taxation
Business investment and capital
Employment taxes
Income tax credits
Income tax rates
Inflation and prices
Research administration and funding
Research and development
Small business
Research and Development Tax Credit Expansion Act of 2019
Introduced: July 23, 2019
Introduced by:
Hassan, Margaret Wood
Democratic
· New Hampshire
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 23, 2019
Read twice and referred to the Committee on Finance.
Jul 23, 2019
Introduced in Senate
Plain-English summary
Research and Development Tax Credit Expansion Act of 2019
This bill modifies the refundable research tax credit for new and small businesses to (1) increase the limit on refundability to $500,000, with an adjustment for inflation; (2) allow refundable amounts to cover all payroll taxes paid by such businesses; and (3) extend eligibility for the credit to small businesses with less than $10 million in gross receipts (currently, less than $5 million).
The bill also increases the rate of the alternative simplified tax credit for such businesses.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1