A bill to amend the Internal Revenue Code of 1954 to permit small research-oriented firms to reduce income taxes by an amount equal to ten per centum of eligible research and development expenditures.
Research Promotion Act - Amends the Internal Revenue Code to allow a nonrefundable research and experimental expenditure tax credit in an amount equal to ten percent of the business-related research and experimental expenditures incurred during the taxable year. Prohibits such a credit if the taxpayer's gross receipts exceed $250,000,000 for the preceding taxable year. Provides for a three year carryback and seven year carryover of unused credits.
Committee on Finance requested executive comment from OMB; Treasury Department.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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