S.1920 - Innovators Job Creation Act

A bill to amend the Internal Revenue Code of 1986 to extend and modify the research and development credit to encourage innovation. view all titles (2)

All Bill Titles

  • Short: Innovators Job Creation Act as introduced.
  • Official: A bill to amend the Internal Revenue Code of 1986 to extend and modify the research and development credit to encourage innovation. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
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01/14/14
 
 
 
 
 
 
 

Official Summary

Innovators Job Creation Act - Amends the Internal Revenue Code to: (1) make permanent the tax credit for increasing research activities; (2) allow an offset of such credit against liability for the alternative minimum tax (AMT); (3) make permanent the five-year carryback of research tax cre

Official Summary

Innovators Job Creation Act - Amends the Internal Revenue Code to:
(1) make permanent the tax credit for increasing research activities;
(2) allow an offset of such credit against liability for the alternative minimum tax (AMT);
(3) make permanent the five-year carryback of research tax credit amounts of certain small businesses; and
(4) allow a qualified small business, other than a tax-exempt organization, to use a portion, up to $250,000 in a taxable year, of its tax credit for increasing research expenditures as an offset against its employment tax liability.  Defines \"qualified small business\" as a corporation, partnership, or S corporation if the gross receipts of such entity for the taxable year are less than $5 million and such entity did not have gross receipts for any period preceding the 5-year period ending with such taxable year.

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