HR 6685
118th Congress
House
Taxation
Research and Development Tax Credit Expansion Act of 2023
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 7, 2023
Referred to the House Committee on Ways and Means.
Dec 7, 2023
Introduced in House
Plain-English summary
Research and Development Tax Credit Expansion Act of 2023
This bill modifies the refundable research tax credit for new and small businesses to (1) provide for an inflation adjustment to the limit on credit refundability; (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
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1