[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 1464 Introduced in Senate (IS)]







105th CONGRESS
  1st Session
                                S. 1464

 To amend the Internal Revenue Code of 1986 to permanently extend the 
                research credit, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            November 8, 1997

Mr. Hatch (for himself, Mr. Baucus, Mr. Mack, Mr. Abraham, Mr. Conrad, 
    Mr. Lieberman, Mr. Murkowski, Mrs. Boxer, Mr. Rockefeller, Mrs. 
Feinstein, Mrs. Murray, and Mr. Durbin) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to permanently extend the 
                research credit, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXTENSION OF RESEARCH CREDIT.

    (a) Credit Made Permanent.--
            (1) In general.--Section 41 of the Internal Revenue Code of 
        1986 (relating to credit for increasing research activities) is 
        amended by striking subsection (h).
            (2) Conforming amendment.--Paragraph (1) of section 45C(b) 
        of such Code is amended by striking subparagraph (D).
    (b) Increase in Alternative Incremental Credit Rates.--Subparagraph 
(A) of section 41(c)(4) of the Internal Revenue Code of 1986 is 
amended--
            (1) in clause (i), by striking ``1.65 percent'' and 
        inserting ``2.65 percent'',
            (2) in clause (ii), by striking ``2.2 percent'' and 
        inserting ``3.2 percent'', and
            (3) in clause (iii), by striking ``2.75 percent'' and 
        inserting ``3.75 percent''.
    (c) Effective Date.--The amendments made by subsections (a) and (b) 
shall apply to amounts paid or incurred after June 30, 1998.
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