Support Small Business R & D Act of 2020

To amend the Small Business Act to expand tax credit education and training for small businesses that engage in research and development, and for other purposes. 1. Short title This Act may be cited as the Support Small Business R & D Act of 2020 2. Definitions In this Act— (1) the terms Administration Administrator (2) the term Commissioner (3) the term Export Assistance Center 15 U.S.C. 649 (4) the term small business concern 15 U.S.C. 632 (5) the term small business development center 15 U.S.C. 648 (6) the term veterans' business outreach center 15 U.S.C. 657b (7) the term women's business center 15 U.S.C. 656 3. SBA and IRS partnerships Beginning not later than 180 days after the date of enactment of this Act, the Administrator, in consultation with the Commissioner, shall develop partnership agreements that— (1) provide for the development of— (A) basic training, including in-person or modular training sessions, relating to Federal income tax credits that benefit small business concerns and startups, especially credits for research and experimentation; and (B) informational materials relating to those credits, including Internal Revenue Service guidance documents; (2) provide the basic training and informational materials developed under paragraph (1)— (A) through electronic resources, including internet-based webinars; and (B) at physical locations, including small business development centers; and (3) make those materials available to— (A) business development programs administered by the Administration, including women’s business centers, veterans' business outreach centers, and Export Assistance Centers, and nonprofit research partners such as the Service Corps of Retired Executives authorized under section 8(b)(1)(B) of the Small Business Act ( 15 U.S.C. 637(b)(1)(B) (B) business development entities that partner with programs administered by the Administration, including universities, nonprofit organizations, business incubators, and business accelerators. 4. Reporting Requirement Not later than 180 days after the date of enactment of this Act, the Administrator, in consultation with the Commissioner, shall submit to Congress a report describing how the Administration and the Internal Revenue Service will— (1) provide outreach and educational materials to small business concerns, businesses of medium size, and startups regarding section 41(h) (2) help and encourage tax advisors to educate those businesses about the important amendments made by such Act to section 41 of such Code. 5. Small Business Development Centers Section 21(c)(3) of the Small Business Act ( 15 U.S.C. 648(c)(3) (1) in subparagraph (T), by striking and (2) in the first subparagraph designated as subparagraph (U), by striking the period at the end and inserting a semicolon; (3) by redesignating the second subparagraph designated as subparagraph (U) as subparagraph (V); (4) in subparagraph (V), as so redesignated, by striking the period at the end and inserting ; and (5) by adding at the end the following: (W) in conjunction with the Internal Revenue Service, providing informational materials, education, and basic training— (i) to small business concerns relating to Federal income tax credits available under the Internal Revenue Code of 1986, including— (I) credits available to businesses generally; and (II) credits available to small business concerns and startups specifically, especially credits for research and experimentation; and (ii) which may be delivered— (I) in person; or (II) through an internet website. .

Summary: Support Small Business R & D Act of 2020 This bill requires the Small Business Administration (SBA) to provide resources to small businesses relating to available federal income tax credits. Specifically, the bill requires the SBA, in consultation with the Internal Revenue Service, to provide and make available, both in-person and online, training and information about federal income tax credits that benefit small businesses and startups. This training and information shall have a particular focus on credits for research and experimentation. In addition, the bill requires small business development centers to provide such training and information as part of the services they render to small businesses and startups.