Research Promotion Act

Summary

Research Promotion Act - Amends the Internal Revenue Code to allow a nonrefundable income tax credit for ten percent of the business-related research and experimental expenditures incurred during the taxable year. Prohibits such a credit if the taxpayer's gross receipts exceed $250,000,000 for the preceding taxable year. Provides for a three year carryback and seven year carryover of unused credits.

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Timeline

1. 17 February 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

2. 17 February 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 24 February 1981

   Committee

   Committee on Finance requested executive comment from OMB; Treasury Department.

   Source: Committee

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 · 17 February 1981

  Open at official source

Sponsors

• Sen. Bentsen, Lloyd M. [D-TX] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → Research Promotion Act