summary
Introduced
10/20/2020
10/20/2020
In Committee
10/20/2020
10/20/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to enhance tax benefits for research activities. This bill revises and expands the tax credit for 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 also 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.
AI Summary
This bill, the American Innovation and Jobs Act, aims to enhance tax benefits for research activities. It revises and expands the tax credit for research and experimental expenditures to allow immediate expensing of such expenditures. The bill also allows the amortization over at least 60 months of certain other types of research and experimental expenditures not treated as expenses. Additionally, the bill increases the maximum amount eligible for the tax credit for new and small businesses and increases the rate of the credit for business startups to 20%.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Read twice and referred to the Committee on Finance. (on 10/20/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/4822/all-info | 10/28/2020 |
| BillText | https://www.congress.gov/116/bills/s4822/BILLS-116s4822is.pdf | 11/04/2020 |
| Bill | https://www.congress.gov/116/bills/s4822/BILLS-116s4822is.pdf.pdf | 11/04/2020 |
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