Fostering Innovation and Research to Strengthen Tomorrow Act

Hozzl · 2022-12-29T17:33:55Z

Explore the details of House Bill 8253 Fostering Innovation and Research to Strengthen Tomorrow Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/29/2022, 5:33 PM

Summary of Bill HR 8253

Bill 117 HR 8253, also known as the Fostering Innovation and Research to Strengthen Tomorrow Act, is a piece of legislation introduced in the US Congress with the aim of promoting innovation and research in various sectors. The bill seeks to enhance the country's competitiveness in the global market by investing in research and development initiatives.

One of the key provisions of the bill is the establishment of a grant program to support research and development projects in emerging technologies such as artificial intelligence, biotechnology, and clean energy. These grants will be awarded to universities, research institutions, and private companies to help them develop new technologies and bring them to market.

Additionally, the bill includes measures to streamline the process of obtaining patents for new inventions, making it easier for innovators to protect their intellectual property and bring their ideas to fruition. This is intended to incentivize innovation and encourage entrepreneurs to invest in research and development. Furthermore, the Fostering Innovation and Research to Strengthen Tomorrow Act includes provisions to increase funding for STEM education programs, with the goal of preparing the next generation of scientists and engineers to drive innovation and economic growth in the United States. Overall, the bill aims to foster a culture of innovation and research in the US, with the ultimate goal of strengthening the country's position as a global leader in technology and innovation.

Congressional Summary of HR 8253

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.

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Current Status of Bill HR 8253

Bill HR 8253 is currently in the status of Bill Introduced since June 28, 2022. Bill HR 8253 was introduced during Congress 117 and was introduced to the House on June 28, 2022. Bill HR 8253's most recent activity was Referred to the House Committee on Ways and Means. as of June 28, 2022