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Research and Development Tax Credit Expansion Act of 2019
10/28/2022, 1:46 AM
Congressional Summary of HR 5520
Research and Development Tax Credit Expansion Act of 2019
This bill modifies the refundable research tax credit for new and small businesses to (1) increase the limit on refundability to $500,000, with an adjustment for inflation; (2) allow refundable amounts to cover all payroll taxes paid by such businesses; and (3) extend eligibility for the credit to small businesses with less than $10 million in gross receipts (currently, less than $5 million).
The bill also increases the rate of the alternative simplified tax credit for such businesses.
Read the Full Bill
Current Status of Bill HR 5520
Bill HR 5520 is currently in the status of Bill Introduced since December 19, 2019. Bill HR 5520 was introduced during Congress 116 and was introduced to the House on December 19, 2019. Bill HR 5520's most recent activity was Referred to the House Committee on Ways and Means. as of December 19, 2019
Bipartisan Support of Bill HR 5520
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
1Democrat Cosponsors
0Republican Cosponsors
1Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 5520
Primary Policy Focus
TaxationPotential Impact Areas
- Business investment and capital
- Employment taxes
- Income tax credits
- Income tax rates
- Inflation and prices
- Research administration and funding
- Research and development
- Small business
Alternate Title(s) of Bill HR 5520
Research and Development Tax Credit Expansion Act of 2019
To amend the Internal Revenue Code of 1986 to expand refundability and increase simplification of the research credit for certain small businesses.
Research and Development Tax Credit Expansion Act of 2019
Comments
Sponsors and Cosponsors of HR 5520
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