summary
Introduced
03/15/2021
03/15/2021
In Committee
03/15/2021
03/15/2021
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to enhance tax benefits for research activities.
AI Summary
This bill, the American Innovation and Jobs Act, aims to enhance tax benefits for research activities. The key provisions are:
1. Restoring immediate expensing for research and development investments, allowing taxpayers to deduct research or experimental expenditures as expenses in the year they are incurred, rather than amortizing them over several years.
2. Expanding the refundable research credit for new and small businesses by increasing the cap on the refundable credit, extending the eligibility period, and expanding the gross receipts test to allow more businesses to qualify.
3. Increasing access to the research credit for startups by applying a higher credit rate and providing alternative calculation methods to determine the credit.
These changes are intended to encourage and support research and development activities, particularly for new and small businesses, as a way to spur innovation and job creation in the United States.
Committee Categories
Budget and Finance
Sponsors (36)
Maggie Hassan (D)*,
Tammy Baldwin (D),
John Barrasso (R),
Roy Blunt (R),
John Boozman (R),
Richard Burr (R),
Shelley Moore Capito (R),
Chris Coons (D),
Catherine Cortez Masto (D),
Steve Daines (R),
Joni Ernst (R),
Dianne Feinstein (D),
Deb Fischer (R),
Bill Hagerty (R),
John Hickenlooper (D),
Tim Kaine (D),
Mark Kelly (D),
John Neely Kennedy (R),
Amy Klobuchar (D),
Roger Marshall (R),
Bob Menendez (D),
Jerry Moran (R),
Patty Murray (D),
Alex Padilla (D),
Gary Peters (D),
Rob Portman (R),
Jacky Rosen (D),
Ben Sasse (R),
Jeanne Shaheen (D),
Kyrsten Sinema (I),
Debbie Stabenow (D),
Thom Tillis (R),
Tommy Tuberville (R),
Mark Warner (D),
Roger Wicker (R),
Todd Young (R),
Last Action
Read twice and referred to the Committee on Finance. (on 03/15/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/senate-bill/749/all-info |
| BillText | https://www.congress.gov/117/bills/s749/BILLS-117s749is.pdf |
| Bill | https://www.congress.gov/117/bills/s749/BILLS-117s749is.pdf.pdf |
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