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Main Subject: Taxation

Research and Development Tax Credit Expansion Act of 2023

This bill modifies the refundable research tax credit for new and small businesses to (1) provide for an inflation adjustment to the limit on credit refundability; (2) allow refundable amounts to cover all payroll taxes paid by such businesses; and (3) extend eligibility for the credit to small businesses with less than $10 million in gross receipts (currently, less than $5 million).

The bill also increases the rate of the alternative simplified tax credit for such businesses.

House floor actions Actions

IntroReferral
Dec. 07 2023	Referred to the House Committee on Ways and Means.

Library of Congress Actions

IntroReferral
Dec. 07 2023	Introduced in House Introduced in House

House bill HR6685-118

Research and Development Tax Credit Expansion Act of 2023

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