Pipeline · Bill → Law
Step 1
Introduced
Dec 7, 2023
Step 2
Referred
Dec 7, 2023
Ways & Means
Step 3
Committee
Step 4
House floor
Step 5
Senate
Step 6
Resolve Changes
Step 7
Signed
SummaryCRS Summary
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.
Timeline · 2 actions
Dec 7, 2023
Introduced in House
Dec 7, 2023
Referred to the House Committee on Ways and Means.