Research and Development Tax Credit Expansion Act of 2023
- Last Action
- 12/7/2023
Actions
- 2023-12-07Referred to the House Committee on Ways and Means.
- 2023-12-07Introduced in House
- 2023-12-07Introduced in House
CRS Summary
As of 2023-12-07 (00)
Research and Development Tax Credit Expansion Act of 2023
This bill modifies the refundable research tax credit for new and small businesses to (1) provide for an inflation adjustment to the limit on credit refundability; (2) allow refundable amounts to cover all payroll taxes paid by such businesses; and (3) extend eligibility for the credit to small businesses with less than $10 million in gross receipts (currently, less than $5 million).
The bill also increases the rate of the alternative simplified tax credit for such businesses.
Sourced from Congress.gov (public domain).
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