H.R.880 - American Research and Competitiveness Act of 2015114th Congress (2015-2016)
|Sponsor:||Rep. Brady, Kevin [R-TX-8] (Introduced 02/11/2015)|
|Committees:||House - Ways and Means|
|Committee Reports:||H. Rept. 114-113|
|Latest Action:||Senate - 05/21/2015 Received in the Senate. (All Actions)|
|Roll Call Votes:||There have been 2 roll call votes|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.880 — 114th Congress (2015-2016)All Information (Except Text)
Passed House amended (05/20/2015)
American Research and Competitiveness Act of 2015
(Sec. 2) This bill revises and makes permanent after 2014 the research tax credit. The rate of such credit is modified to equal the sum of 20% of so much of the qualified research expenses for the taxable year as exceeds 50% of the average qualified research expenses for the three preceding taxable years, 20% of so much of the basic research payments for the taxable year as exceeds 50% of the average basic research payments for the three preceding taxable years, plus 20% of amounts paid by a business taxpayer to an energy research consortium for energy research. If a taxpayer has no qualified research expenses in any of the three preceding taxable years, the rate of the tax credit is reduced to 10% of current research expenses.
The bill also provides that in the case of an eligible small business (i.e., a corporation whose stock is not publicly traded, a partnership, or a sole proprietorship with annual gross receipts not exceeding $50 million in a three-year period), the research credit may offset alternative minimum tax liability.
(Sec. 3) The bill prohibits the entry of the budgetary effects of this Act on either PAYCO scorecard under the Statutory Pay-As-You-Go Act of 2010.