summary
Introduced
07/14/2015
07/14/2015
In Committee
07/14/2015
07/14/2015
Crossed Over
Passed
Dead
01/03/2017
01/03/2017
Introduced Session
114th Congress
Bill Summary
Innovators Job Creation Act of 2015 Amends the Internal Revenue Code to allow a qualified small business to elect to use a portion of its tax credit for increasing research expenditures as an offset against its payroll tax liability under the Federal Insurance Contributions Act. Defines "qualified small business" as a corporation, a partnership, or a person other than a tax-exempt organization that had gross receipts of less than $5 million for the taxable year and that did not have gross receipts for any period preceding the five-taxable-year period ending with such taxable year. Limits: (1) the number of years a taxpayer may elect to offset payroll taxes under this Act to five, and (2) the annual amount of such offset to $250,000. Allows an offset of research tax credit amounts against alternative minimum tax liability.
AI Summary
This bill, the Innovators Job Creation Act of 2015, allows qualified small businesses to use a portion of their tax credit for increasing research expenditures to offset their payroll tax liability under the Federal Insurance Contributions Act (FICA). A "qualified small business" is defined as a corporation, partnership, or individual (not a tax-exempt organization) with less than $5 million in gross receipts for the current tax year and no gross receipts in the five preceding tax years. This election to offset payroll taxes is limited to five years and a maximum of $250,000 per year. Additionally, the bill permits research tax credit amounts to be used against the alternative minimum tax liability.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to the House Committee on Ways and Means. (on 07/14/2015)
Official Document
bill text
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bill summary
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bill summary
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