Representative Julia Brownley (D-CA) introduced the Innovation, Research, and Manufacturing Act (H.R. 3640) on December 2, 2013. The proposed bill would increase the I.R.C. § 41 credit for increasing research activity (commonly known as the Research and Development or R&D tax credit) by fifty percent. The bill would also extend the credit permanently, and permit the credit to be used against payroll tax liability for eligible small businesses.
Proposed Bill would Make R&D Credit Permanent & Offset Payroll Liability for Small Businesses
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