H.R.5520 - Research and Development Tax Credit Expansion Act of 2019116th Congress (2019-2020) |
|Sponsor:||Rep. Neguse, Joe [D-CO-2] (Introduced 12/19/2019)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 12/19/2019 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.5520 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (12/19/2019)
Research and Development Tax Credit Expansion Act of 2019
This bill modifies the refundable research tax credit for new and small businesses to (1) increase the limit on refundability to $500,000, with an adjustment for inflation; (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.