Securing America’s R&D Advantage Act

Hozzl · 2024-03-13T17:22:09Z

Explore the details of Senate Bill 2823 Securing America’s R&D Advantage Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

3/13/2024, 5:22 PM

Summary of Bill S 2823

The Securing America’s R&D Advantage Act, also known as Bill 118 s 2823, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to strengthen America's research and development (R&D) capabilities in order to maintain the country's competitive edge in the global economy.

One of the key provisions of the bill is the establishment of a National Science and Technology Foundation, which would be responsible for funding and coordinating R&D efforts across various government agencies. This foundation would work to promote collaboration between government, academia, and industry in order to drive innovation and technological advancement.

Additionally, the bill aims to increase funding for basic research in key areas such as artificial intelligence, quantum computing, and advanced manufacturing. By investing in these cutting-edge technologies, the United States hopes to stay ahead of other countries in terms of scientific and technological advancements. Furthermore, the Securing America’s R&D Advantage Act includes measures to strengthen cybersecurity protections for research institutions and intellectual property rights for American innovators. This is intended to safeguard the fruits of American R&D efforts and prevent theft or exploitation by foreign entities. Overall, the bill seeks to bolster America's R&D capabilities and ensure that the country remains a leader in innovation and technology. By investing in key research areas, promoting collaboration, and protecting intellectual property, the United States aims to maintain its competitive advantage in the global economy.

Congressional Summary of S 2823

Securing America's R&D Advantage Act

This bill revises and expands the deductibility of research and experimental expenditures to allow immediate expensing of such expenditures. It also allows the amortization over a period of at least 60 months of certain other types of research and experimental expenditures not treated as expenses. The bill prohibits the expensing of such research and experimentation expenditures if they are conducted in North Korea, China, Russia, or Iran.

The bill increases the maximum amount eligible for the tax credit for new and small businesses and increases to 20% the rate of the credit for business startups.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill S 2823

Bill S 2823 is currently in the status of Bill Introduced since September 14, 2023. Bill S 2823 was introduced during Congress 118 and was introduced to the Senate on September 14, 2023. Bill S 2823's most recent activity was Read twice and referred to the Committee on Finance. as of September 14, 2023

Bipartisan Support of Bill S 2823

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 2823

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 2823

Securing America’s R&D Advantage Act

A bill to amend the Internal Revenue Code of 1986 to safeguard beneficial tax treatment on certain expenses from bolstering the research and development sectors in foreign entities of concern.