3.0.0 11 2023-01-11T13:44:37Z 2023-01-11T13:44:37Z House HR 2020-10-09 116 [Congressional Record Volume 166, Number 175 (Friday, October 9, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. BRADY:H.R. 11.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1: ``The Congress shall havePower To lay and collect Taxes . . .''[Page H5678]]]> hswm00 Ways and Means Committee House Standing Referred to 2020-10-09T14:01:00Z 2020-10-09 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2020-10-09 Introduced in House IntroReferral 1000 9 Library of Congress hswm00 Ways and Means Committee 2020-10-09 Introduced in House IntroReferral Intro-H 9 Library of Congress B000755 Rep. Brady, Kevin [R-TX-8] KEVIN BRADY R TX 8 N A000375 Rep. Arrington, Jodey C. [R-TX-19] Jodey Arrington R TX C. 19 2020-10-13 False W000813 Rep. Walorski, Jackie [R-IN-2] Jackie Walorski R IN 2 2020-10-13 False L000585 Rep. LaHood, Darin [R-IL-18] Darin LaHood R IL 18 2020-10-13 False F000465 Rep. Ferguson, A. Drew, IV [R-GA-3] A. Ferguson R GA Drew 3 2020-10-13 False M001158 Rep. Marchant, Kenny [R-TX-24] Kenny Marchant R TX 24 2020-10-13 False R000585 Rep. Reed, Tom [R-NY-23] Tom Reed R NY 23 2020-10-13 False E000298 Rep. Estes, Ron [R-KS-4] Ron Estes R KS 4 2020-10-13 False S001172 Rep. Smith, Adrian [R-NE-3] Adrian Smith R NE 3 2020-10-13 False K000392 Rep. Kustoff, David [R-TN-8] David Kustoff R TN 8 2020-10-13 False F000461 Rep. Flores, Bill [R-TX-17] Bill Flores R TX 17 2020-10-13 False H001082 Rep. Hern, Kevin [R-OK-1] Kevin Hern R OK 1 2020-10-13 False B001306 Rep. Balderson, Troy [R-OH-12] Troy Balderson R OH 12 2020-10-13 False W000815 Rep. Wenstrup, Brad R. [R-OH-2] Brad Wenstrup R OH R. 2 2020-10-20 False R000610 Rep. Reschenthaler, Guy [R-PA-14] Guy Reschenthaler R PA 14 2020-10-20 False M001205 Rep. Miller, Carol D. [R-WV-3] Carol Miller R WV D. 3 2020-11-16 False Taxation Taxation 00 2020-10-09 Introduced in House 2021-05-25T16:42:59Z Commitment to American Growth, Renewal, and Opportunities for Workers, Technology, and Health Act or the Commitment to American GROWTH Act

This bill provides tax incentives for economic growth, research and development, and small business start-ups.

Specifically, the bill

  • makes permanent the expensing of qualified property (i.e., business property with a recovery period of 20 years or less, computer software, water utility property, and certain theatrical and film properties);
  • allows full expensing (currently, amortization for 60 months) of certain research and experimental expenditures;
  • increases to 40% the rate of the tax credit for increasing research activities and increases the payroll tax offset of such credit for small businesses;
  • sets forth a rule for determining the fair market value of intangible property held by controlled foreign corporations that is transferred to U.S. shareholders;
  • allows new tax credits for domestic medical and drug manufacturing and medical manufacturing equipment;
  • exempts from the definition of passive activity, for purposes of the passive loss tax rules, medical research activity of a medical research small business pass-thru entity; and
  • revises and provides for the capitalization of start-up and organizational expenditures.
]]> Commitment to American GROWTH Act Display Title Commitment to American GROWTH Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to encourage investment to renew, restore, and rebuild the American economy for our workers, families, and small businesses, maximize innovation through research and development, and secure America's medical supplies. Introduced in House IH Short Title(s) as Introduced Commitment to American GROWTH Act Introduced in House IH Short Title(s) as Introduced Commitment to American Growth, Renewal, and Opportunities for Workers, Technology, and Health Act Introduced in House IH Introduced in House 2020-10-09T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr11ih/xml/BILLS-116hr11ih.xml 2020-10-09 Referred to the House Committee on Ways and Means. 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.