WashingtonWatch.com - H.R. 1712, The Research and Development Tax Credit Act of 2007

• Revision by webmaster (August 2, 2007, 01:00:00)
  

  H.R. 1712 would amend the Internal Revenue Code of 1986 to provide incentives to improve America's research competitiveness.

  Detailed Summary

  Research and Development Tax Credit Act of 2007 - Amends the Internal Revenue Code to: (1) modify the tax credit for increasing research expenses to establish a standard 20% credit rate for research expenses exceeding 50% of average expenses over the preceding three year period; (2) establish a uniform 80% reimbursement rate for all contract research expenses (100% for basic research payments); (3) make such tax credit permanent; (4) allow a tax credit for equity investments in small business innovation companies; and (5) allow the issuance of tax exempt facility bonds for research park facilities used in connection with research and experimentation.

  Directs the Secretary of the Treasury to: (1) study and report to Congress on taxpayer compliance with the substantiation requirements for claiming the tax credit for increasing research activities; and (2) issue regulations on the application of private activity bond rules to the funding of federal research agreements.

  Status of the Legislation

  Latest Major Action: 3/27/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.

  Points in Favor

  (Log in to edit the wiki and be the first to show why the bill should pass!)
  

  Points Against

  (Log in to edit the wiki and be the first to show why the bill should not pass!)
  

• Revision by webmaster (August 2, 2007, 01:00:00)
  

  H.R. 1712 would amend the Internal Revenue Code of 1986 to provide incentives to improve America's research competitiveness.

  Detailed Summary

  Research and Development Tax Credit Act of 2007 - Amends the Internal Revenue Code to: (1) modify the tax credit for increasing research expenses to establish a standard 20% credit rate for research expenses exceeding 50% of average expenses over the preceding three year period; (2) establish a uniform 80% reimbursement rate for all contract research expenses (100% for basic research payments); (3) make such tax credit permanent; (4) allow a tax credit for equity investments in small business innovation companies; and (5) allow the issuance of tax exempt facility bonds for research park facilities used in connection with research and experimentation.

  Directs the Secretary of the Treasury to: (1) study and report to Congress on taxpayer compliance with the substantiation requirements for claiming the tax credit for increasing research activities; and (2) issue regulations on the application of private activity bond rules to the funding of federal research agreements.

  Status of the Legislation

  Latest Major Action: 3/27/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.

  Points in Favor

  (Log in to edit the wiki and be the first to show why the bill should pass!)
  

  Points Against

  (Log in to edit the wiki and be the first to show why the bill should not pass!)
  

• Status as of June 27, 2007
  6/27/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
• Status as of March 27, 2007
  3/27/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.