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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Research Competitiveness Act of 2007

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Internal Revenue Code of 1986 to provide incentives to improve America's research competitiveness, and for other purposes.

Actions Overview (1)

01/04/2007Introduced in Senate

All Actions (2)

01/04/2007Read twice and referred to the Committee on Finance.
Action By: Senate
01/04/2007Sponsor introductory remarks on measure. (CR S70-72)
Action By: Senate

Cosponsors (5)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Stabenow, Debbie [D-MI] 01/18/2007
Sen. Salazar, Ken [D-CO] 07/09/2007
Sen. Kerry, John F. [D-MA] 07/16/2007
Sen. Brown, Sherrod [D-OH] 04/01/2008
Sen. Wyden, Ron [D-OR] 04/21/2008
Cosponsors Who Withdrew Date Cosponsored Date Withdrawn CR Explanation
Sen. Lott, Trent [R-MS] 06/22/2007 06/25/2007 --

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Finance01/04/2007 Referred to

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Latest Summary (1)

There is one summary for S.41. View summaries

Shown Here:
Introduced in Senate (01/04/2007)

Research Competitiveness Act of 2007 - Amends the Internal Revenue Code to: (1) modify the tax credit for increasing research expenses to establish a standard 20% credit rate for research expenses exceeding 50% of average expenses over the preceding three year period; (2) establish a uniform 80% reimbursement rate for all contract research expenses (100% for basic research payments); (3) make such tax credit permanent; (4) allow a tax credit for equity investments in small business innovation companies; and (5) allow the issuance of tax exempt facility bonds for research park facilities used in connection with research and experimentation.

Directs the Secretary of the Treasury to: (1) study and report to Congress on taxpayer compliance with the substantiation requirements for claiming the tax credit for increasing research activities; and (2) issue regulations on the application of private activity bond rules to the funding of federal research agreements.