Research Promotion Act

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.