To amend the Internal Revenue Code of 1986 to triple the amount of the credit allowed for basic research.

Amends the Internal Revenue Code to increase from 20 to 60 percent the credit amount for basic research expenditures under the tax credit for increasing research activities.

[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4767 Introduced in House (IH)]






108th CONGRESS
  2d Session
                                H. R. 4767

To amend the Internal Revenue Code of 1986 to triple the amount of the 
                   credit allowed for basic research.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              July 7, 2004

Mr. Smith of Michigan introduced the following bill; which was referred 
                   to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to triple the amount of the 
                   credit allowed for basic research.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INCREASE IN AMOUNT OF CREDIT FOR BASIC RESEARCH.

    (a) In General.--Paragraph (2) of section 41(a) of the Internal 
Revenue Code of 1986 (relating to general rule for credit for 
increasing research activities) is amended by striking ``20 percent'' 
and inserting ``60 percent''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
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