American Innovation and Jobs Act
- Last Action
- 3/15/2021
Actions
- 2021-03-15Read twice and referred to the Committee on Finance.
- 2021-03-15Introduced in Senate
CRS Summary
As of 2021-03-15 (00)
American Innovation and Jobs Act
This bill revises and expands the deductibility of research and experimental expenditures to allow immediate expensing of such expenditures. It also allows the amortization over a period of at least 60 months of certain other types of research and experimental expenditures not treated as expenses.
The bill increases the maximum amount eligible for the tax credit for new and small businesses and increases to 20% the rate of the credit for business startups.
Cosponsors (20)
- Todd Young (R-IN)
- Catherine Cortez Masto (D-NV)
- Rob Portman (R-OH)
- Ben Sasse (R-NE)
- Mark Kelly (D-AZ)
- Roy Blunt (R-MO)
- Kyrsten Sinema (D-AZ)
- Shelley Capito (R-WV)
- Christopher Coons (D-DE)
- Steve Daines (R-MT)
- Jeanne Shaheen (D-NH)
- Jacklyn Rosen (D-NV)
- John Boozman (R-AR)
- Tammy Baldwin (D-WI)
- John Kennedy (R-LA)
- Alex Padilla (D-CA)
- John Barrasso (R-WY)
- Robert Menendez (D-NJ)
- Richard Burr (R-NC)
- Dianne Feinstein (D-CA)
Subjects
- Business expenses
- Income tax credits
- Income tax deductions
- Research and development
- Small business
Sourced from Congress.gov (public domain).
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