Research Revitalization Act of 1981

Summary

Research Revitalization Act of 1981 - Amends the Internal Revenue Code to permit businesses an income tax credit for 25 percent of the cash contributions made to a reserve fund established to finance business-related research or experimentation. Limits the total amount of such credit to five percent of taxable business income. Exempts such reserve fund from income taxation. Allows an income tax deduction for research expenses paid out of the reserve fund during the taxable year. Specifies that research financed pursuant to this Act shall be performed by an institution of higher education. Prescribes tax penalties for the use of funds from the research reserve for purposes other than research and experimentation.

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Timeline

1. 12 March 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

2. 12 March 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 17 March 1981

   Committee

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

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 12 March 1981

  Open at official source

Sponsors

• Sen. Bradley, Bill [D-NJ] · D · Sponsor
• Sen. Danforth, John C. [R-MO] · R · Sponsor
• Sen. Packwood, Bob [R-OR] · R · Sponsor
• Rep. Tsongas, Paul E. [D-MA-5] · D · Sponsor
• · ssfi00 · Standing

Related records

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