3.0.0 3593 2023-01-11T13:42:45Z 2023-01-11T13:42:45Z Senate S 2020-05-04 116 ssfi00 Finance Committee Senate Standing Referred to 2020-05-04T22:08:41Z FORWARD Act 116 6713 HR 2020-05-05 Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Identical bill CRS 2020-05-04 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2020-05-04 Introduced in Senate IntroReferral 10000 9 Library of Congress C001088 Sen. Coons, Christopher A. [D-DE] Christopher Coons D DE A. N R000307 Sen. Roberts, Pat [R-KS] PAT ROBERTS R KS 2020-05-04 True C001113 Sen. Cortez Masto, Catherine [D-NV] Catherine Cortez Masto D NV 2020-05-04 True Y000064 Sen. Young, Todd [R-IN] Todd Young R IN C. 2020-05-04 True H001076 Sen. Hassan, Margaret Wood [D-NH] Maggie Hassan D NH 2020-05-04 True D000618 Sen. Daines, Steve [R-MT] Steve Daines R MT 2020-05-04 True Taxation Appropriations Business education Business expenses Congressional oversight Disability assistance Employment and training programs Government information and archives Government trust funds Income tax credits Manufacturing Research and development Small business Social security and elderly assistance Social work, volunteer service, charitable organizations Veterans' education, employment, rehabilitation Women in business Taxation 00 2020-05-04 Introduced in Senate 2020-05-19T21:20:48Z Furthering Our Recovery With American Research & Development Act or the FORWARD Act

This bill makes several changes to the income tax credit for business expenses for increasing research activities.

Specifically, the bill

  • expands eligibility for the credit by increasing the maximum amount of gross receipts of an entity for the taxable year and using an eight-year (rather than five-year) period in the calculation of those amounts;
  • removes the business credit carryforward from calculation of the payroll tax credit portion of the credit;
  • includes among qualified research expenses wages paid in connection with research activity training expenses; and
  • increases the credit rate for expenses incurred in certain collaborative research activities (i.e., conducted with higher education institutions, tax-exempt scientific research organizations, or charitable grant organizations) and qualified domestic manufacturers.

The bill appropriates to the Social Security trust funds amounts equal to the reduction in revenues from payroll taxes by reason of this bill.

The Internal Revenue Service (IRS) shall develop partnership agreements to provide for development of basic training relating to federal tax credits benefitting small business concerns and startups, especially credits for research and experimentation, and informational materials relating to such credits, including IRS guidance documents.

Small business development centers shall provide informational materials, education, and basic training to small business concerns relating to federal tax credits, including those available to (1) businesses generally; and (2) small business concerns and startups specifically, especially credits for research and experimentation.

]]> FORWARD Act Display Title FORWARD Act Short Title(s) as Introduced FORWARD Act Introduced in Senate IS Short Title(s) as Introduced Furthering Our Recovery With American Research & Development Act Introduced in Senate IS Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to expand and modify the credit for increasing research activities, and for other purposes. Introduced in Senate IS Introduced in Senate 2020-05-04T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s3593is/xml/BILLS-116s3593is.xml 2020-05-04 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.