A bill to amend the Internal Revenue Code of 1986 to provide incentives to improve America's research competitiveness, and for other purposes.
Research Competitiveness Act of 2007 - Amends the Internal Revenue Code to: (1) modify the tax credit for increasing research expenses to establish a standard 20% credit rate for research expenses exceeding 50% of average expenses over the preceding three year period; (2) establish a uniform 80% reimbursement rate for all contract research expenses (100% for basic research payments); (3) make such tax credit permanent; (4) allow a tax credit for equity investments in small business innovation companies; and (5) allow the issuance of tax exempt facility bonds for research park facilities used in connection with research and experimentation.
Directs the Secretary of the Treasury to: (1) study and report to Congress on taxpayer compliance with the substantiation requirements for claiming the tax credit for increasing research activities; and (2) issue regulations on the application of private activity bond rules to the funding of federal research agreements.
Referred to the House Committee on Ways and Means.
Referred to the House Committee on Ways and Means.
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S13154-13155)
Read twice and referred to the Committee on Finance.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S70-72)
Read twice and referred to the Committee on Finance.
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