A bill to amend the Internal Revenue Code of 1954 to provide a credit against tax for certain research and experimental expenditures, and for other purposes.

Summary

Amends the Internal Revenue Code to allow an income tax credit of 25 percent of the qualified research and experimental expenditures paid or incurred by a taxpayer in connection with his trade or business. Defines "qualified research and experimental expenditures" as those business-related expenditures which are currently deductible under provisions of the Internal Revenue Code, but limits the scope of such expenditures to technological research designed to develop or improve products or services. Excludes expenditures for research or experimentation in the social sciences or humanities, government-funded research, or research carried on in the taxpayer's behalf. Limits the amount of expenditures eligible for the credit to those which exceed 100 percent of the annual average of such expenditures for the immediately preceding three years. Provides for a three-year carryback and seven-year carryover of unused credits.

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Timeline

1. 30 June 1980

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 30 June 1980

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 30 June 1980

  Open at official source

Sponsors

• Sen. Danforth, John C. [R-MO] · R · Sponsor
• Sen. Bradley, Bill [D-NJ] · D · Cosponsor
• Sen. Chafee, John H. [R-RI] · R · Cosponsor
• Sen. Bentsen, Lloyd M. [D-TX] · D · Cosponsor
• Sen. Cranston, Alan [D-CA] · D · Cosponsor
• Sen. Ribicoff, Abraham A. [D-CT] · D · Cosponsor
• Sen. Heinz, John [R-PA] · R · Cosponsor
• Sen. Tsongas, Paul E. [D-MA] · D · Cosponsor
• Sen. Durkin, John A. [D-NH] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to provide a credit against tax for certain research and experimental expenditures, and for other purposes.