Ask AI
Bill114th CongressFiled Feb 11, 2015Taxation
H.R. 880

American Research and Competitiveness Act of 2015

Bill journey · stage 2 of 5

Under committee review

Filed
Comm.
Floor
Both
Law

What it doesSummary passed house amended (May 20, 2015)

American Research and Competitiveness Act of 2015

(Sec. 2) This bill revises and makes permanent after 2014 the research tax credit. The rate of such credit is modified to equal the sum of 20% of so much of the qualified research expenses for the taxable year as exceeds 50% of the average qualified research expenses for the three preceding taxable years, 20% of so much of the basic research payments for the taxable year as exceeds 50% of the average basic research payments for the three preceding taxable years, plus 20% of amounts paid by a business taxpayer to an energy research consortium for energy research. If a taxpayer has no qualified research expenses in any of the three preceding taxable years, the rate of the tax credit is reduced to 10% of current research expenses.

The bill also provides that in the case of an eligible small business (i.e., a corporation whose stock is not publicly traded, a partnership, or a sole proprietorship with annual gross receipts not exceeding $50 million in a three-year period), the research credit may offset alternative minimum tax liability.

(Sec. 3) The bill prohibits the entry of the budgetary effects of this Act on either PAYCO scorecard under the Statutory Pay-As-You-Go Act of 2010.

What just happenedMay 21, 2015

Received in the Senate.

Who’s behind it

Rep. Brady, Kevin [R-TX-8](R-TX)Sponsor
32 cosponsors3 D29 R
Read on Congress.gov
32cosponsors1committees24actions1amendments1related bills4subjects
  1. May 21, 2015IntroReferral

    Received in the Senate.

  2. May 20, 2015FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. May 20, 2015FloorH37100

    On passage Passed by the Yeas and Nays: 274 - 145 (Roll no. 260). (text: CR H3410-3411)

  4. May 20, 2015Floor8000

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 274 - 145 (Roll no. 260).(text: CR H3410-3411)

  5. May 20, 2015FloorH36110

    On motion to recommit with instructions Failed by the Yeas and Nays: 181 - 240 (Roll no. 259).

    Ways and Means Committee
  6. May 20, 2015FloorH8D000

    POSTPONED PROCEEDINGS - At the conclusion of debate on the Neal motion to recommit with instructions, the Chair put the question on adoption of the motion to recommit and by voice vote, announced that the noes had prevailed. Mr. Neal demanded the yeas and nays and pursuant to the order of the House of today, the Chair postponed further proceedings on the question of adoption until a time to be announced.

  7. May 20, 2015FloorH8A000

    The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H3419)

  8. May 20, 2015FloorH8D000

    DEBATE - The House proceeded with 10 minutes of debate on the Neal motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to extend the research and development tax credit for two years, through December 31, 2016.

  9. May 20, 2015FloorH36100

    Mr. Neal moved to recommit with instructions to the Committee on Ways and Means. (consideration: CR H3418; text: CR H3418)

    Ways and Means Committee
  10. May 20, 2015FloorH35000

    The previous question was ordered pursuant to the rule. (consideration: CR H3418)

  11. May 20, 2015FloorH8D000

    DEBATE - The House proceeded with one hour of debate on H.R. 880.

  12. May 20, 2015FloorH8D000

    ORDER OF PROCEDURE - Mr. Ryan (WI) asked unanimous consent that the question of adopting a motion to recommit on H.R. 880 may be subject to postponement as though under clause 8 of rule 20.

  13. May 20, 2015FloorH8D000

    The resolution provides for consideration of H.R. 2262 and H.R. 880. In addition, the resolution provides for consideration of motions to suspend the rules; and provides for proceedings during the period from May 22, 2015, through May 29, 2015.

  14. May 20, 2015FloorH30000

    Considered under the provisions of rule H. Res. 273. (consideration: CR H3410-3419, H3490-3491)

  15. May 20, 2015FloorH1L220

    Rule H. Res. 273 passed House.

  16. May 19, 2015FloorH1L210

    Rules Committee Resolution H. Res. 273 Reported to House. The resolution provides for consideration of H.R. 2262 and H.R. 880. In addition, the resolution provides for consideration of motions to suspend the rules; and provides for proceedings during the period from May 22, 2015, through May 29, 2015.

  17. May 14, 2015CalendarsH12410

    Placed on the Union Calendar, Calendar No. 79.

  18. May 14, 2015CommitteeH12200

    Reported (Amended) by the Committee on Ways and Means. H. Rept. 114-113.

    Ways and Means Committee
  19. May 14, 2015Committee5000

    Reported (Amended) by the Committee on Ways and Means. H. Rept. 114-113.

    Ways and Means Committee
  20. Feb 12, 2015Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 23 - 12.

    Ways and Means Committee
  21. Feb 12, 2015Committee

    Committee Consideration and Mark-up Session Held.

    Ways and Means Committee
  22. Feb 11, 2015IntroReferralH11100

    Referred to the House Committee on Ways and Means.

    Ways and Means Committee
  23. Feb 11, 2015IntroReferralIntro-H

    Introduced in House

  24. Feb 11, 2015IntroReferral1000

    Introduced in House

Passed House amendedMay 20, 201536

American Research and Competitiveness Act of 2015

(Sec. 2) This bill revises and makes permanent after 2014 the research tax credit. The rate of such credit is modified to equal the sum of 20% of so much of the qualified research expenses for the taxable year as exceeds 50% of the average qualified research expenses for the three preceding taxable years, 20% of so much of the basic research payments for the taxable year as exceeds 50% of the average basic research payments for the three preceding taxable years, plus 20% of amounts paid by a business taxpayer to an energy research consortium for energy research. If a taxpayer has no qualified research expenses in any of the three preceding taxable years, the rate of the tax credit is reduced to 10% of current research expenses.

The bill also provides that in the case of an eligible small business (i.e., a corporation whose stock is not publicly traded, a partnership, or a sole proprietorship with annual gross receipts not exceeding $50 million in a three-year period), the research credit may offset alternative minimum tax liability.

(Sec. 3) The bill prohibits the entry of the budgetary effects of this Act on either PAYCO scorecard under the Statutory Pay-As-You-Go Act of 2010.

Reported to House with amendment(s)May 14, 201517

American Research and Competitiveness Act of 2015

(Sec. 2) This bill revises and makes permanent after 2014 the research tax credit. The rate of such credit is modified to equal the sum of 20% of so much of the qualified research expenses for the taxable year as exceeds 50% of the average qualified research expenses for the three preceding taxable years, 20% of so much of the basic research payments for the taxable year as exceeds 50% of the average basic research payments for the three preceding taxable years, plus 20% of amounts paid by a business taxpayer to an energy research consortium for energy research. If a taxpayer has no qualified research expenses in any of the three preceding taxable years, the rate of the tax credit is reduced to 10% of current research expenses.

The bill also provides that in the case of an eligible small business (i.e., a corporation whose stock is not publicly traded, a partnership, or a sole proprietorship with annual gross receipts not exceeding $50 million in a three-year period), the research credit may offset alternative minimum tax liability.

Introduced in HouseFeb 11, 2015

American Research and Competitiveness Act of 2015

Amends the Internal Revenue Code to: (1) revise the formula for calculating the amount of the reseach tax credit, (2) make such revised credit permanent, and (3) allow a portion of the research credit as an offset against the alternative minimum tax of an eligible small business.

American Research and Competitiveness Act of 2015 — Informed