Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Small Business Research and
Experimentation Simplification Act of 2009''.

SEC. 2. RESEARCH TAX CREDIT.

(a) In General.--Subpart B of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 is amended by adding at the end
the following new section:

''SEC. 30E. SIMPLIFIED SMALL BUSINESS RESEARCH CREDIT.

''(a) In General.--In the case of an eligible small business, there
shall be allowed as a credit against the tax imposed by this chapter
for the taxable year an amount equal to 20 percent of the qualified
research expenses of the taxpayer for the taxable year.
''(b) Qualified Research Expenditures.--For purposes of this
section, the term 'qualified research expenses' has the meaning given
such term by section 41(b), except that in lieu of applying paragraph
(2)(C) thereof (defining supplies) the term 'supplies' means any
tangible property other than land.
''(c) Eligible Small Business.--For purposes of this section--
''(1) In general.--The term 'eligible small business' means
with respect to any taxable year beginning in a calendar year,
any employer if such employer employed an average of 500 or
fewer employees on business days during the preceding calendar
year. For purposes of the preceding sentence, a preceding
calendar year may be taken into account only if the employer
was in existence throughout such year.
''(2) Employers not in existence in preceding year.--In the
case of an employer which was not in existence throughout the
preceding calendar year, the determination under paragraph (1)
shall be based on the average number of employees that it is
reasonably expected such employer will employ on business days
in the current calendar year.
''(d) Limitation Based on Amount of Tax.--In the case of a taxable
year to which section 26(a)(2) does not apply, the credit allowed under
subsection (a) for any taxable year shall not exceed the excess of--
''(1) the sum of the regular tax liability (as defined in
section 26(b)) plus the tax imposed by section 55, over
''(2) the sum of the credits allowable under this subpart
(other than this section and sections 23, 25D, 30, 30B, and
30D) and section 27 for the taxable year.
''(e) Portion of Credit Refundable.--
''(1) In general.--The aggregate credits allowed to a
taxpayer under subpart C shall be increased by an amount equal
to 25 percent of the excess (if any) of--
''(A) the sum of the regular tax liability (as
defined in section 26(b)) plus the tax imposed by
section 55, over
''(B) the amount of the credit allowable under
subsection (a) (determined without regard to this
subsection and section 26(a) or subsection (d), as the
case may be).
The amount of the credit allowed under this subsection shall
not be treated as a credit allowed under this subpart and shall
reduce the amount of credit otherwise allowable under
subsection (a) without regard to section 26(a)(2) or subsection
(d), as the case may be.
''(2) Application of subsection.--This subsection shall
apply only with respect to the first 5 taxable years of an
eligible small business (including the taxable years of any
predecessor in interest).
''(f) Special Rules.--For purposes of this section--
''(1) Controlled groups.--All persons treated as a single
employer under subsection (a) or (b) of section 52 or
subsection (m) or (o) of section 414 shall be treated as a
single person.
''(2) Denial of double benefit.--
''(A) Coordination with other provisions.--Any
amount taken into account under subsection (a) shall
not be taken into account in determining any deduction
or other credit allowed under this chapter.
''(B) Reduction in basis.--For purposes of this
subtitle, the basis of any property for which a credit
is allowable under subsection (a) shall be reduced by
the amount of such credit so allowed and attributable
to such property.
''(3) Special rule for pass-thru of credit.--In the case of
an individual who--
''(A) owns an interest in an unincorporated trade
or business,
''(B) is a partner in a partnership,
''(C) is a beneficiary of an estate or trust, or
''(D) is a shareholder in an S corporation,
the amount determined under subsection (a) for any taxable year
shall not exceed an amount (separately computed with respect to
such person's interest in such trade or business or entity)
equal to the amount of tax attributable to that portion of a
person's taxable income which is allocable or apportionable to
the person's interest in such trade or business or entity.
''(g) Termination.--Subsection (a) shall not apply to taxable years
beginning after December 31, 2015.''.
(b) Conforming Amendments.--
(1) Section 24(b)(3)(B) of such Code is amended by striking
''and 30D'' and inserting ''30D, and 30E''.
(2) Section 25(e)(1)(C)(ii) of such Code is amended by
inserting ''30E,'' after ''30D,''.
(3) Section 25A(i)(5)(B) of such Code is amended by
striking ''and 30D'' and inserting ''30D, and 30E''.
(4) Section 25B(g)(2) of such Code is amended by striking
''and 30D'' and inserting ''30D, and 30E''.
(5) Section 26(a)(1) of such Code is amended by striking
''and 30D'' and inserting ''30D, and 30E''.
(6) Section 904(i) of such Code is amended by striking
''and 30D'' and inserting ''30D, and 30E''.
(7) Section 1400C(d)(2) of such Code is amended by
inserting '', and 30E'' after ''30D''.
(c) Clerical Amendment.--The table of sections for subpart B of
part IV of subchapter A of chapter 1 of such Code is amended by adding
at the end the following new item:

''Sec. 30E. Simplified small business research credit.''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2009.

SEC. 3. GAO STUDY ON SIMPLIFIED SMALL BUSINESS RESEARCH CREDIT.

Not later than June 30, 2015, the Comptroller General, in
consultation with the Secretary of the Treasury, shall submit to the
Committee on Small Business of the House of Representatives and the
Committee on Small Business and Entrepreneurship of the Senate a report
detailing the Comptroller General's analysis of the usefulness and
effectiveness of, and any recommended changes with respect to, the
simplified small business research credit determined under section 30E
of the Internal Revenue Code of 1986.
A:
Small Business Research and Experimentation Simplification Act of 2009 - Amends the Internal Revenue Code to allow small business employers with an average of 500 or fewer employees in a calendar year a partially refundable tax credit for 20% of their research expenditures. Terminates such credit after 2015.

Requires the Comptroller General to report to Congress by June 30, 2015, on an analysis of the usefulness and effectiveness of any recommended changes in the research tax credit allowed by this Act.