Startup Innovation Credit Act of 2012

Summary

Startup Innovation Credit Act of 2012 - Amends the Internal Revenue Code to allow a qualified small business, other than a tax-exempt organization, 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, partnership, or S corporation if the gross receipts of such entity for the taxable year are less than $5 million and such entity did not have gross receipts for any period preceding the 5-year period ending with such taxable year. Limits the amount of the payroll tax credit portion to $250,000 in any taxable year.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 31 July 2012

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 31 July 2012

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 31 July 2012

  Open at official source

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