3.0.0 6685 2024-07-24T15:19:34Z 2024-07-24T15:19:34Z House H HR 2023-12-07 118 [Congressional Record Volume 169, Number 202 (Thursday, December 7, 2023)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. NEGUSE:H.R. 6685.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8The single subject of this legislation is:Amending the Internal Revenue Code to expand eligibilityand increase simplication for the research credit for certainsmall businesses.[Page H6742]]]> hswm00 Ways and Means Committee House Standing Referred to 2023-12-07T14:04:20Z 2023-12-07 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2023-12-07 Introduced in House IntroReferral Intro-H 9 Library of Congress 2023-12-07 Introduced in House IntroReferral 1000 9 Library of Congress N000191 Rep. Neguse, Joe [D-CO-2] Joe Neguse D CO 2 N Taxation Taxation 2024-01-09T20:30:21Z 00 2023-12-07 Introduced in House 2024-03-18T20:06:09Z Research and Development Tax Credit Expansion Act of 2023

This bill modifies the refundable research tax credit for new and small businesses to (1) provide for an inflation adjustment to the limit on credit refundability; (2) allow refundable amounts to cover all payroll taxes paid by such businesses; and (3) extend eligibility for the credit to small businesses with less than $10 million in gross receipts (currently, less than $5 million).

The bill also increases the rate of the alternative simplified tax credit for such businesses.

]]> Research and Development Tax Credit Expansion Act of 2023 Display Title 45 Research and Development Tax Credit Expansion Act of 2023 2024-07-24T15:19:34Z Short Title(s) as Introduced 101 Research and Development Tax Credit Expansion Act of 2023 2024-05-24T13:34:53Z Introduced in House IH Official Title as Introduced 6 To amend the Internal Revenue Code of 1986 to expand eligibility and increase simplification of the research credit for certain small businesses. 2024-03-18T21:58:44Z Introduced in House IH Introduced in House 2023-12-07T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118hr6685ih/xml/BILLS-118hr6685ih.xml 2023-12-07 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.