American Research and Competitiveness Act of 2015

Bill: 114-hr-880
Sponsor: Rep. Brady, Kevin [R-TX-8]
Introduced: 2015-02-11 in the House
Policy area: Taxation
Subjects: Business expenses
Income tax credits
Research and development
Small business

Summary:
action_date: 2015-02-11
text: 

American Research and Competitiveness Act of 2015

 
Amends the Internal Revenue Code to: (1) revise the formula for calculating the amount of the reseach tax credit, (2) make such revised credit permanent, and (3) allow a portion of the research credit as an offset against the alternative minimum tax of an eligible small business. 

action_date: 2015-05-14
text: 

American Research and Competitiveness Act of 2015

 
(Sec. 2) This bill revises and makes permanent after 2014 the research tax credit. The rate of such credit is modified to equal the sum of 20% of so much of the qualified research expenses for the taxable year as exceeds 50% of the average qualified research expenses for the three preceding taxable years, 20% of so much of the basic research payments for the taxable year as exceeds 50% of the average basic research payments for the three preceding taxable years, plus 20% of amounts paid by a business taxpayer to an energy research consortium for energy research. If a taxpayer has no qualified research expenses in any of the three preceding taxable years, the rate of the tax credit is reduced to 10% of current research expenses.
 
The bill also provides that in the case of an eligible small business (i.e., a corporation whose stock is not publicly traded, a partnership, or a sole proprietorship with annual gross receipts not exceeding $50 million in a three-year period), the research credit may offset alternative minimum tax liability.

action_date: 2015-05-20
text: 

American Research and Competitiveness Act of 2015

 
(Sec. 2) This bill revises and makes permanent after 2014 the research tax credit. The rate of such credit is modified to equal the sum of 20% of so much of the qualified research expenses for the taxable year as exceeds 50% of the average qualified research expenses for the three preceding taxable years, 20% of so much of the basic research payments for the taxable year as exceeds 50% of the average basic research payments for the three preceding taxable years, plus 20% of amounts paid by a business taxpayer to an energy research consortium for energy research. If a taxpayer has no qualified research expenses in any of the three preceding taxable years, the rate of the tax credit is reduced to 10% of current research expenses.
 
The bill also provides that in the case of an eligible small business (i.e., a corporation whose stock is not publicly traded, a partnership, or a sole proprietorship with annual gross receipts not exceeding $50 million in a three-year period), the research credit may offset alternative minimum tax liability.
 
(Sec. 3) The bill prohibits the entry of the budgetary effects of this Act on either PAYCO scorecard under the Statutory Pay-As-You-Go Act of 2010. 


Legislative actions:
action_date: 2015-05-21
text: Received in the Senate.
action_date: 2015-05-20
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2015-05-20
text: On passage Passed by the Yeas and Nays: 274 - 145 (Roll no. 260). (text: CR H3410-3411)
action_date: 2015-05-20
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 274 - 145 (Roll no. 260).(text: CR H3410-3411)
action_date: 2015-05-20
text: On motion to recommit with instructions Failed by the Yeas and Nays: 181 - 240 (Roll no. 259).
action_date: 2015-05-20
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Neal motion to recommit with instructions, the Chair put the question on adoption of the motion to recommit and by voice vote, announced that the noes had prevailed. Mr. Neal demanded the yeas and nays and pursuant to the order of the House of today, the Chair postponed further proceedings on the question of adoption until a time to be announced.
action_date: 2015-05-20
text: The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H3419)
action_date: 2015-05-20
text: DEBATE - The House proceeded with 10 minutes of debate on the Neal motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to extend the research and development tax credit for two years, through December 31, 2016.
action_date: 2015-05-20
text: Mr. Neal moved to recommit with instructions to the Committee on Ways and Means. (consideration: CR H3418; text: CR H3418)
action_date: 2015-05-20
text: The previous question was ordered pursuant to the rule. (consideration: CR H3418)
action_date: 2015-05-20
text: DEBATE - The House proceeded with one hour of debate on H.R. 880.
action_date: 2015-05-20
text: ORDER OF PROCEDURE - Mr. Ryan (WI) asked unanimous consent that the question of adopting a motion to recommit on H.R. 880 may be subject to postponement as though under clause 8 of rule 20.
action_date: 2015-05-20
text: The resolution provides for consideration of H.R. 2262 and H.R. 880. In addition, the resolution provides for consideration of motions to suspend the rules; and provides for proceedings during the period from May 22, 2015, through May 29, 2015.
action_date: 2015-05-20
text: Considered under the provisions of rule H. Res. 273. (consideration: CR H3410-3419, H3490-3491)
action_date: 2015-05-20
text: Rule H. Res. 273 passed House.
action_date: 2015-05-19
text: Rules Committee Resolution H. Res. 273 Reported to House. The resolution provides for consideration of H.R. 2262 and H.R. 880. In addition, the resolution provides for consideration of motions to suspend the rules; and provides for proceedings during the period from May 22, 2015, through May 29, 2015.
action_date: 2015-05-14
text: Placed on the Union Calendar, Calendar No. 79.
action_date: 2015-05-14
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 114-113.
action_date: 2015-05-14
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 114-113.
action_date: 2015-02-12
text: Ordered to be Reported (Amended) by the Yeas and Nays: 23 - 12.
action_date: 2015-02-12
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-02-11
text: Referred to the House Committee on Ways and Means.
action_date: 2015-02-11
text: Introduced in House
action_date: 2015-02-11
text: Introduced in House