summary
Introduced
09/14/2023
09/14/2023
In Committee
09/14/2023
09/14/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to safeguard beneficial tax treatment on certain expenses from bolstering the research and development sectors in foreign entities of concern.
AI Summary
This bill, the Securing America's R&D Advantage Act, aims to restore immediate expensing for research and development (R&D) investments and expand the refundable research credit for new and small businesses. The key provisions include: 1) Amending the Internal Revenue Code to allow taxpayers to treat R&D expenditures as expenses that can be deducted, rather than capitalized, unless the expenditures are attributable to research conducted in certain foreign countries deemed "covered nations"; 2) Increasing the cap on the refundable research credit for new and small businesses, and extending the eligibility period and applicability of the election; and 3) Increasing the access to the research credit for qualified small businesses by allowing them to claim a higher credit rate and special rules for determining the average qualified research expenses.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Read twice and referred to the Committee on Finance. (on 09/14/2023)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/senate-bill/2823/all-info |
| BillText | https://www.congress.gov/118/bills/s2823/BILLS-118s2823is.pdf |
Loading...