[Congressional Bills 108th Congress] [From the U.S. Government Publishing Office] [H.R. 4767 Introduced in House (IH)] 108th CONGRESS 2d Session H. R. 4767 To amend the Internal Revenue Code of 1986 to triple the amount of the credit allowed for basic research. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES July 7, 2004 Mr. Smith of Michigan introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to triple the amount of the credit allowed for basic research. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. INCREASE IN AMOUNT OF CREDIT FOR BASIC RESEARCH. (a) In General.--Paragraph (2) of section 41(a) of the Internal Revenue Code of 1986 (relating to general rule for credit for increasing research activities) is amended by striking ``20 percent'' and inserting ``60 percent''. (b) Effective Date.--The amendment made by subsection (a) shall apply to taxable years beginning after the date of the enactment of this Act. <all>