118 HR 6646 IH: To amend the Internal Revenue Code of 1986 to modify the order in which the business credits are taken into account by corporations. U.S. House of Representatives 2023-12-06 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS1st SessionH. R. 6646IN THE HOUSE OF REPRESENTATIVESDecember 6, 2023Mr. Steube (for himself and Mr. Buchanan) introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 to modify the order in which the business credits are taken into account by corporations.

1.

Modification of order in which corporations take business credits into account

(a)

In general

Section 38(c)(6)(E) of the Internal Revenue Code of 1986 is amended by adding and at the end of clause (i), by striking clauses (ii) and (iii), and by adding at the end the following new clause:(ii)paragraphs (2) and (4) shall not apply..(b)

Effective date

The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act with respect to credits arising in taxable years ending before, on, or after such date.