American Innovation and Jobs Act
- Last Action
- 3/16/2023
Actions
- 2023-03-16Read twice and referred to the Committee on Finance.
- 2023-03-16Introduced in Senate
CRS Summary
As of 2023-03-16 (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)
- John Barrasso (R-WY)
- Kyrsten Sinema (I-AZ)
- Thomas Tillis (R-NC)
- Dianne Feinstein (D-CA)
- Steve Daines (R-MT)
- Mark Kelly (D-AZ)
- Bill Hagerty (R-TN)
- Patty Murray (D-WA)
- Jerry Moran (R-KS)
- Gary Peters (D-MI)
- Roger Wicker (R-MS)
- Alex Padilla (D-CA)
- Shelley Capito (R-WV)
- Amy Klobuchar (D-MN)
- Deb Fischer (R-NE)
- Angus King (I-ME)
- Roger Marshall (R-KS)
- Christopher Coons (D-DE)
Subjects
- Business expenses
- Income tax credits
- Income tax deductions
- Research and development
- Small business
Sourced from Congress.gov (public domain).
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