Research Competitiveness Act of 2007

Summary

Research Competitiveness Act of 2007 - Amends the Internal Revenue Code to: (1) modify the tax credit for increasing research expenses to establish a standard 20% credit rate for research expenses exceeding 50% of average expenses over the preceding three year period; (2) establish a uniform 80% reimbursement rate for all contract research expenses (100% for basic research payments); (3) make such tax credit permanent; (4) allow a tax credit for equity investments in small business innovation companies; and (5) allow the issuance of tax exempt facility bonds for research park facilities used in connection with research and experimentation. Directs the Secretary of the Treasury to: (1) study and report to Congress on taxpayer compliance with the substantiation requirements for claiming the tax credit for increasing research activities; and (2) issue regulations on the application of private activity bond rules to the funding of federal research agreements.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 4 January 2007

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 4 January 2007

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• Introduced in Senate

  summary · EN · 4 January 2007

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