3.0.0 41 2023-01-11T20:04:40Z 2023-01-11T20:04:40Z Senate S S 2007-01-04 110 ssfi00 Finance Committee Senate Standing Referred to 2007-01-04T19:31:41Z Research and Development Tax Credit Act of 2007 110 1712 HR 2007-03-27 Referred to the House Committee on Ways and Means. Related bill CRS Innovation Tax Credit Act of 2008 110 5681 HR 2008-04-02 Referred to the House Committee on Ways and Means. Related bill CRS Research Credit Improvement Act of 2007 110 2209 S 2007-10-19 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S13154-13155) Related bill CRS Research and Development Tax Credit Improvement Act of 2008 110 2884 S 2008-04-17 Read twice and referred to the Committee on Finance. Related bill CRS 2007-01-04 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-01-04 Sponsor introductory remarks on measure. (CR S70-72) IntroReferral B00100 9 Library of Congress 2007-01-04 Introduced in Senate IntroReferral 10000 9 Library of Congress B000243 Sen. Baucus, Max [D-MT] MAX BAUCUS D MT SIEBEN N S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2007-01-18 False L000447 Sen. Lott, Trent [R-MS] CHESTER LOTT R MS TRENT 2007-06-22 False 2007-06-25 S001163 Sen. Salazar, Ken [D-CO] Ken Salazar D CO 2007-07-09 False K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES 2007-07-16 False B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2008-04-01 False W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR 2008-04-21 False Taxation Administrative procedure Bonds Commerce Congress Congressional reporting requirements Department of the Treasury Education Finance and Financial Sector Government Operations and Politics Government paperwork Governmental investigations Higher education Income tax Intellectual property Investment tax credit Law Patents Research and development Research and development tax credit Research centers Research grants Science, Technology, Communications Small business Tax administration Tax-exempt organizations Technological innovations Taxation 00 2007-01-04 Introduced in Senate 2007-01-31T23:12:37Z 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.

]]> Research Competitiveness Act of 2007 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide incentives to improve America's research competitiveness, and for other purposes. Introduced in Senate IS Display Title Research Competitiveness Act of 2007 Short Titles as Introduced Research Competitiveness Act of 2007 Introduced in Senate 2007-01-04T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s41is/xml/BILLS-110s41is.xml 2007-01-04 Read twice and referred to the Committee on Finance. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.