HR 5056
118th Congress
House
Taxation
Fostering Innovation and Research to Strengthen Tomorrow Act
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 27, 2023
Referred to the House Committee on Ways and Means.
Jul 27, 2023
Introduced in House
Plain-English summary
Fostering Innovation and Research to Strengthen Tomorrow Act
This bill doubles the rate of the tax credit for increasing research expenses and the alternative simplified research tax credit. It also increases the credit rate for taxpayers with no research expenses during a specified three-year period and the amount of the credit that certain small businesses may apply against payroll tax liabilities.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1