Scientific Research, Education, and Technical Equipment Act

Summary

Scientific Research, Education, and Technical Equipment Act - Amends the Internal Revenue Code to increase from 65 to 100 percent the corporate income tax credit for the cost of certain basic research performed by colleges, universities, and certain research organizations and for scientific education. Sets special rules for grants made to certain research funds. Disqualifies subchapter S corporations, personal holding companies, and personal service corporations for the credit. Allows an income tax credit for ten percent of the qualified costs of sharing scientific and technical equipment with an education or other nonprofit organization. Revises requirements for the deduction for contributions of research equipment to certain educational institutions. Allows a tax deduction for the value of services provided under a standard service contract with a qualified organization in connection with a research and education contribution. Limits the deduction to 150 percent of the costs of the taxpayer in providing such services.

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• Introduced in House

  summary · EN · 24 June 1982

  Open at official source

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