To amend the Internal Revenue Code of 1986 to modify the order in which the business credits are taken into account by corporations.

Bill: 118-hr-6646
Sponsor: full_name: Rep. Steube, W. Gregory [R-FL-17]
Introduced: 2023-12-06
Policy area: Taxation
Latest action: action_date: 2023-12-06
text: Referred to the House Committee on Ways and Means.

Summaries:

tv_txt: I 118th CONGRESS 1st Session H. R. 6646 IN THE HOUSE OF REPRESENTATIVES December 6, 2023 Mr. Steube (for himself and Mr. Buchanan ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to modify the order in which the business credits are taken into account by corporations.

1. Modification of order in which corporations take business credits into account (a) In general Section 38(c)(6)(E) of the Internal Revenue Code of 1986 is amended by adding and at the end of clause (i), by striking clauses (ii) and (iii), and by adding at the end the following new clause: (ii) paragraphs (2) and (4) shall not apply. . (b) Effective date The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act with respect to credits arising in taxable years ending before, on, or after such date.