H.R.4696 - Startup Innovation Credit Act of 2014113th Congress (2013-2014)
|Sponsor:||Rep. Gerlach, Jim [R-PA-6] (Introduced 05/21/2014)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 05/21/2014 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.4696 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in House (05/21/2014)
Startup Innovation Credit Act of 2014 - Amends the Internal Revenue Code to allow a qualified small business to elect to use a portion of its tax credit for increasing research expenditures as an offset against its payroll tax liability under the Federal Insurance Contributions Act (FICA).
Defines "qualified small business" as a corporation, a partnership, or a person other than a tax-exempt organization that had gross receipts of less than $5 million for the taxable year and that did not have gross receipts for any period preceding the five-taxable-year period ending with such taxable year.
Limits: (1) the number of years a taxpayer may elect to offset payroll taxes under this Act to five, and (2) the annual amount of such offset to $250,000.