HR 5681

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To amend the Internal Revenue Code of 1986 to provide incentives to improve America's research competitiveness, and for other purposes.

Sponsor: Jerry McNerney (D) CA

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Summary:

4/2/2008--Introduced.Innovation Tax Credit Act of 2008 - Amends the Internal Revenue Code to revise the tax credit for increasing research activities by: (1) phasing in increases in the alternative simplified tax credit rate through 2009; (2) establishing a 20% alternative simplified tax credit rate in 2010 in lieu of the standard research tax credit rate; (3) increasing the amount of basic and contract research expenses eligible for such tax credit; and (4) making such tax credit permanent.

Text of Legislation:
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Subject Name:

Taxation

Income tax

Research and development tax credit

Science policy

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Actions Date

Action Text

4/2/2008

Referred to the House Committee on Ways and Means.

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