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 10 percent of eligible research and development expenditures.
Research Promotion Act - Amends the Internal Revenue Code to allow a nonrefundable income tax credit for 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.
Referred to House Committee on Ways and Means.
Introduced in Senate
Read second time and referred to Senate Committee on Finance.
Committee on Finance requested executive comment from OMB; Treasury Department.
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