S 1803 IS.
Re: Permanently extending the research and development tax credit.
Sponsor: Sen. Charles Robb (D-VA).
Date introduced: October 27, 1999.
Source: Library of Congress.
106th CONGRESS 1st Session |
S. 1803 |
To amend the Internal Revenue Code of 1986 to extend permanently and expand the research tax credit.
IN THE SENATE OF THE UNITED STATES
October 27, 1999
Mr. ROBB (for himself, Mr. BAUCUS, Mr. BINGAMAN, Mrs. BOXER, Mrs. FEINSTEIN, Mr. KENNEDY, Mr. KERRY, Mr. LEAHY, Mrs. MURRAY, Mr. REID, Mr. SARBANES, and Mr. LIEBERMAN) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to extend permanently and expand the research tax credit.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
(a) PERMANENT EXTENSION-
(1) IN GENERAL- Section 41 of the Internal Revenue Code of 1986 (relating to credit for increasing research activities) is amended by striking subsection (h).
(2) CONFORMING AMENDMENT- Paragraph (1) of section 45C(b) of such Code is amended by striking subparagraph (D).
(3) EFFECTIVE DATE- The amendments made by this subsection shall apply to amounts paid or incurred after June 30, 1999.
(b) INCREASE IN PERCENTAGES UNDER ALTERNATIVE INCREMENTAL CREDIT-
(1) IN GENERAL- Subparagraph (A) of section 41(c)(4) of the Internal Revenue Code of 1986 is amended--
(A) by striking `1.65 percent' and inserting `2.65 percent',
(B) by striking `2.2 percent' and inserting `3.2 percent', and
(C) by striking `2.75 percent' and inserting `3.75 percent'.
(2) EFFECTIVE DATE- The amendments made by this subsection shall apply to taxable years beginning after June 30, 1999.
(c) EXTENSION OF RESEARCH CREDIT TO RESEARCH IN PUERTO RICO AND THE POSSESSIONS OF THE UNITED STATES-
(1) IN GENERAL- Section 41(d)(4)(F) of the Internal Revenue Code of 1986 (relating to foreign research) is amended by inserting `, the Commonwealth of Puerto Rico, or any possession of the United States' after `United States'.
(2) EFFECTIVE DATE- The amendment made by this section shall apply to taxable years beginning after December 31, 1999.