S.749 - American Innovation and Jobs Act117th Congress (2021-2022) |
|Sponsor:||Sen. Hassan, Margaret Wood [D-NH] (Introduced 03/15/2021)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 03/15/2021 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.749 — 117th Congress (2021-2022)All Information (Except Text)
Introduced in Senate (03/15/2021)
American Innovation and Jobs Act
This bill revises and expands the deductibility of research and experimental expenditures to allow immediate expensing of such expenditures. It also allows the amortization over a period of at least 60 months of certain other types of research and experimental expenditures not treated as expenses.
The bill increases the maximum amount eligible for the tax credit for new and small businesses and increases to 20% the rate of the credit for business startups.