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Fostering Innovation and Research to Strengthen Tomorrow Act
12/15/2023, 4:01 PM
Congressional Summary of HR 5056
Fostering Innovation and Research to Strengthen Tomorrow Act
This bill doubles the rate of the tax credit for increasing research expenses and the alternative simplified research tax credit. It also increases the credit rate for taxpayers with no research expenses during a specified three-year period and the amount of the credit that certain small businesses may apply against payroll tax liabilities.
Read the Full Bill
Current Status of Bill HR 5056
Bill HR 5056 is currently in the status of Bill Introduced since July 27, 2023. Bill HR 5056 was introduced during Congress 118 and was introduced to the House on July 27, 2023. Bill HR 5056's most recent activity was Referred to the House Committee on Ways and Means. as of July 27, 2023
Bipartisan Support of Bill HR 5056
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
3Democrat Cosponsors
0Republican Cosponsors
3Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 5056
Primary Policy Focus
TaxationAlternate Title(s) of Bill HR 5056
Fostering Innovation and Research to Strengthen Tomorrow Act
Fostering Innovation and Research to Strengthen Tomorrow Act
To amend the Internal Revenue Code of 1986 to increase the research tax credit and provide better access to the credit for business startups.
Comments
Sponsors and Cosponsors of HR 5056
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