118th Congress · HOUSE BILLBILL

H.R. 5056 — Fostering Innovation and Research to Strengthen Tomorrow Act

“To amend the Internal Revenue Code of 1986 to increase the research tax credit and provide better access to the credit for business startups.”

Taxation

Introduced Jul 27, 2023

Last action Jul 27, 2023

Pipeline · Bill → Law

Step 1

Introduced

Jul 27, 2023

Step 2

Referred

Jul 27, 2023

Ways & Means

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill doubles the rate of the tax credit for increasing research expenses and the alternative simplified research tax credit. It also increases the credit rate for taxpayers with no research expenses during a specified three-year period and the amount of the credit that certain small businesses may apply against payroll tax liabilities.

Provisions · 2 sectionsIntroduced in House

Timeline · 2 actions

Jul 27, 2023

Introduced in House

Jul 27, 2023

Referred to the House Committee on Ways and Means.