3.0.0 2715 2023-01-11T13:25:44Z 2023-01-11T13:25:44Z Senate S S 2014-07-31 113 ssfi00 Finance Committee Senate Standing Referred to 2014-07-31T15:01:19Z To amend the Internal Revenue Code of 1986 to provide an exception from the passive loss rules for investments in high technology research small business pass-thru entities. 113 4855 HR 2014-06-12 Referred to the House Committee on Ways and Means. Related bill CRS A bill to amend the Internal Revenue Code of 1986 to extend the exclusion for small business stock, to provide incentives for small business high technology research investment, and for other purposes. 113 2139 S 2014-03-13 Read twice and referred to the Committee on Finance. Related bill CRS 2014-07-31 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2014-07-31 Introduced in Senate IntroReferral 10000 9 Library of Congress C000174 Sen. Carper, Thomas R. [D-DE] Thomas Carper D DE R. N Taxation Accounting and auditing Advanced technology and technological innovations Business investment and capital Capital gains tax Income tax credits Income tax deductions Income tax exclusion Inflation and prices Medical research Product development and innovation Research and development Securities Small business Tax administration and collection, taxpayers Tax-exempt organizations Taxation 00 2014-07-31 Introduced in Senate 2014-09-26T19:51:43Z Competitiveness and Opportunity by Modernizing and Permanently Extending the Tax Credit for Experimentation Act of 2014 or the COMPETE Act of 2014 - Amends the Internal Revenue Code, with respect to the tax credit for research expenditures, to: (1) increase the rate of such credit to 25% of so much of the taxpayer's qualified research expenses in a taxable year as exceeds 50% of the average expenses for the three preceding taxable years; (2) allow such credit for the basic research expenditures of educational institutions, scientific research organizations, and certain grant organizations; (3) allow an increased 35% credit for highly innovative research expenses (defined as research expenses for the creation of a qualified new product category or product technology that represents a significant improvement over previously existing product technology); and (4) make such tax credit, as revised by this Act, permanent.

Exempts from the definition of "passive activity," for purposes of the passive loss tax rules, any qualified research activity carried on by a high technology research small business pass-thru entity. Defines "high technology research small business pass-thru entity" as any domestic pass-thru entity if: (1) more than 75% of the entity's expenditures are paid or incurred in connection with qualified research, or (2) more than 50% of the entity's expenditures constitute qualified research expenses. Designates a high technology research entity as a small business if it has 250 or fewer full-time employees and does not have aggregate gross assets in excess of $150 million.

Allows tax-exempt financing of research park facilities (facilities used in connection with research and experimentation that are located on the same site and funded with not more than 25% of the net proceeds of the bond issue).

]]> COMPETE Act of 2014 Display Title COMPETE Act of 2014 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to increase and make permanent the alternative simplified research credit, and for other purposes. Introduced in Senate IS Short Titles as Introduced COMPETE Act of 2014 Short Titles as Introduced Competitiveness and Opportunity by Modernizing and Permanently Extending the Tax Credit for Experimentation Act of 2014 Introduced in Senate 2014-07-31T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s2715is/xml/BILLS-113s2715is.xml 2014-07-31 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.