To amend the Internal Revenue Code of 1986 to provide an alternative simplified credit for qualified research expenses.

Summary

Amends the Internal Revenue Code to permit a taxpayer to substitute, for the first part of the formula for determining the credit for increasing research activities, the following, a credit equal to 12 percent of so much of the qualified research expenses for the taxable year as exceeds 50 percent of the average qualified research expenses for the three taxable years preceding the taxable year for which the credit is being determined. Provides a special rule where there are no qualified research expenses in any of the three preceding taxable years.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 16 October 2002

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• Introduced in House (PDF)

  Introduced in House · EN · 16 October 2002

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• Introduced in House

  summary · EN · 16 October 2002

  Open at official source

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