HR 1864
97th Congress
House
Taxation
Business and commerce
Income tax
Research and development
Tax credits
Tax deductions
Research Revitalization Act of 1981
Introduced: February 17, 1981
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 4, 1981
See H.R.4242.
Feb 17, 1981
Referred to House Committee on Ways and Means.
Feb 17, 1981
Introduced in House
Plain-English summary
Research Revitalization Act of 1981 - Amends the Internal Revenue Code to permit business an income tax credit of 25 percent of the cash contributions made to a reserve fund established to finance business-related research or experimentation. Limits the total amount of such credit to five percent of taxable business income. Exempts such reserve fund from income taxation. Allows an income tax deduction for research expenses paid out of the reserve fund during the taxable year. Specifies that research financed pursuant to this Act shall be performed by an institution of higher education. Prescribes tax penalties for the use of funds from the research reserve for purposes other than research and experimentation.
What's happening now
See H.R.4242.
Committees of jurisdiction
1