Innovators Job Creation Act of 2015

Hozzl · 2023-01-11T13:28:21Z

Explore the details of Senate Bill 455 Innovators Job Creation Act of 2015 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/11/2023, 1:28 PM

Congressional Summary of S 455

Innovators Job Creation Act of 2015

Amends the Internal Revenue Code to allow a qualified small business to elect to use a portion of its tax credit for increasing research expenditures as an offset against its payroll tax liability under the Federal Insurance Contributions Act.

Defines "qualified small business" as a corporation, a partnership, or a person other than a tax-exempt organization that had gross receipts of less than $5 million for the taxable year and that did not have gross receipts for any period preceding the five-taxable-year period ending with such taxable year.

Limits: (1) the number of years a taxpayer may elect to offset payroll taxes under this Act to five, and (2) the annual amount of such offset to $250,000.

Allows an offset of research tax credit amounts against alternative minimum tax liability.

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Current Status of Bill S 455

Bill S 455 is currently in the status of Bill Introduced since February 11, 2015. Bill S 455 was introduced during Congress 114 and was introduced to the Senate on February 11, 2015. Bill S 455's most recent activity was Read twice and referred to the Committee on Finance. as of February 11, 2015

Bipartisan Support of Bill S 455

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 455

Primary Policy Focus

Taxation

Potential Impact Areas

Employment taxesIncome tax creditsResearch and developmentSmall business

Alternate Title(s) of Bill S 455

Innovators Job Creation Act of 2015A bill to amend the Internal Revenue Code of 1986 to provide for special treatment of the research credit for certain startup companies, and for other purposes.Innovators Job Creation Act of 2015

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