Startup Innovation Credit Act of 2014

Summary

Startup Innovation Credit Act of 2014 - 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 (FICA). 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.

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Timeline

1. 21 May 2014

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 21 May 2014

   Introduced

   Introduced in House

   Source: IntroReferral

3. 21 May 2014

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 21 May 2014 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 21 May 2014

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 21 May 2014

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 21 May 2014

  Open at official source

Sponsors

• Rep. Gerlach, Jim [R-PA-6] · R · Sponsor
• RON KIND · D · Sponsor
• Rep. Kelly, Mike [R-PA-16] · R · Sponsor
• Sen. Peters, Gary C. [D-MI] · D · Sponsor
• Rep. Honda, Michael M. [D-CA-17] · D · Cosponsor
• · hswm00 · Standing

Related records

• related to ← EXPIRE Act of 2014