US Congress House Bill 3058 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on July 14 2015 - 25% progression, died in committee
Action: 2015-07-14 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Innovators Job Creation Act of 2015 Amends the Internal Revenue Code to allow a qualified small business to elect to use a portion of its tax credit for increasing research expenditures as an offset against its payroll tax liability under the Federal Insurance Contributions Act. Defines "qualified small business" as a corporation, a partnership, or a person other than a tax-exempt organization that had gross receipts of less than $5 million for the taxable year and that did not have gross receipts for any period preceding the five-taxable-year period ending with such taxable year. Limits: (1) the number of years a taxpayer may elect to offset payroll taxes under this Act to five, and (2) the annual amount of such offset to $250,000. Allows an offset of research tax credit amounts against alternative minimum tax liability.

Innovators Job Creation Act of 2015

Rep. Mike Kelly [R-PA]

Rep. Ron Kind [D-WI]

Date	Chamber	Action
2015-07-14	House	Referred to the House Committee on Ways and Means.
2015-07-14	House	Introduced in House

SB455 (Same As) 2015-02-11 - Read twice and referred to the Committee on Finance.
HB2029 (Related) 2015-12-18 - Became Public Law No: 114-113. (TXT | PDF)

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/3058/all-info
Text	https://www.congress.gov/114/bills/hr3058/BILLS-114hr3058ih.pdf