Title: Invent and Manufacture in America Act
Policy area: Taxation

Summary:
Invent and Manufacture in America Act
This bill amends the Internal Revenue Code, with respect to the research tax credit, to allow an increased credit for qualified domestic manufacturers. A "qualified domestic manufacturer" is a taxpayer who has domestic production gross receipts that are more than 50% of total gross receipts.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 1293 Introduced in Senate (IS)]

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115th CONGRESS
  1st Session
                                S. 1293

  To amend the Internal Revenue Code of 1986 to enhance the research 
                   credit for domestic manufacturers.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              June 6, 2017

Mr. Coons (for himself and Mr. Roberts) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to enhance the research 
                   credit for domestic manufacturers.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Invent and Manufacture in America 
Act''.

SEC. 2. ENHANCED RESEARCH CREDIT FOR DOMESTIC MANUFACTURERS.

    (a) In General.--Section 41 of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new subsection:
    ``(i) Enhanced Credit for Domestic Manufacturers.--
            ``(1) In general.--In the case of a qualified domestic 
        manufacturer, this section shall be applied--
                    ``(A) except as provided in subparagraph (B), by 
                increasing the 20 percent amount in subsection (a)(1) 
                by the bonus amount, and
                    ``(B) in the case of a qualified domestic 
                manufacturer making an election under subsection 
                (c)(5)--
                            ``(i) by increasing the 14 percent amount 
                        under subsection (c)(5)(A) by the alternative 
                        simplified bonus amount, and
                            ``(ii) by increasing the 6 percent amount 
                        under subsection (c)(5)(B)(ii) by the 
                        subsection (c)(5)(B) bonus amount.
            ``(2) Qualified domestic manufacturer.--For purposes of 
        this subsection--
                    ``(A) In general.--The term `qualified domestic 
                manufacturer' means a taxpayer who has domestic 
                production gross receipts which are more than 50 
                percent of total gross receipts.
                    ``(B) Domestic production gross receipts.--The term 
                `domestic production gross receipts' has the meaning 
                given to such term under section 199(c)(4).
            ``(3) Bonus amount; alternative simplified bonus amount; 
        subsection (c)(5)(B) amount.--For purposes of paragraph (1):


 
                                                 The
                                The  bonus   alternative        The
                                amount  is   simplified     subsection
 ``If the percentage of total      the          bonus        (c)(5)(B)
   gross receipts which are     following    amount  is    bonus  amount
  domestic production gross     number of        the          is the
         receipts is:           percentage    following      following
                                 points:      number of      number of
                                             percentage     percentage
                                               points:        points:
 
More than 50% but not more     1            0.7                      0.3
 than 60%....................
More than 60% but not more     2            1.4                      0.6
 than 70%....................
More than 70% but not more     3            2.1                      0.9
 than 80%....................
More than 80% but not more     4            2.8                      1.2
 than 90%....................
More than 90%................  5            3.5                  1.5.''.
 

    (b) Effective Date.--The amendment made by this section shall apply 
to expenditures paid or incurred in taxable years beginning after 
December 31, 2017.
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