IGNITE American Innovation Act
- Last Action
- 5/28/2021
Actions
- 2021-05-28Referred to the House Committee on Ways and Means.
- 2021-05-28Introduced in House
- 2021-05-28Introduced in House
CRS Summary
As of 2021-05-28 (00)
Innovation and Growth Now by Investing in Tomorrow's Enterprises Act or the IGNITE American Innovation Act
This bill allows certain C corporation taxpayers to elect an increased advance refund of net operating loss carryovers attributable to COVID-19 research expenditures in 2020 and 2021. The bill also allows such taxpayers an advance refund of certain other net operating loss carryovers arising during 2015 through 2021.
The bill allows an increased research tax credit for COVID-19 research expenditures paid or incurred on or after February 15, 2020, and before January 1, 2022.
Cosponsors (2)
- Jackie Walorski (R-IN)
- John Curtis (R-UT)
Subjects
- Appropriations
- Business expenses
- Cardiovascular and respiratory health
- Corporate finance and management
- Disability assistance
- Drug therapy
- Emergency medical services and trauma care
- Government trust funds
- Health promotion and preventive care
- Health technology, devices, supplies
- Income tax credits
- Income tax deductions
- Infectious and parasitic diseases
- Medical research
- Medical tests and diagnostic methods
- Medicare
- Prescription drugs
- Research and development
- Social security and elderly assistance
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.