Bill > HR3757

This bill, titled the Igniting American Research Act, proposes several changes to tax incentives for research and development. It would extend the existing research credit by one year, making it available through December 31, 2014. Additionally, it aims to increase the alternative simplified research credit, a more straightforward way for businesses to calculate their research credit, to 20 percent and make it a permanent option. A significant new provision would offer a 20 percent tax credit for payments made to qualified biotechnology research consortiums for the purpose of conducting biotechnology research, which is defined as research in the field of biotechnology that is not considered energy research. The bill also makes a technical adjustment to the definition of an energy research consortium by reducing the required number of unrelated persons contributing to it from five to three. These changes are intended to encourage greater investment in American innovation and scientific advancement.