US Congress House Bill 4696 (Prior Session Legislation)

---

Spectrum: Bipartisan Bill
Status: Introduced on May 21 2014 - 25% progression, died in committee
Action: 2014-05-21 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Startup Innovation Credit Act of 2014 - 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 (FICA). 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.

Startup Innovation Credit Act of 2014

Rep. Jim Gerlach [R-PA]	Rep. Michael Honda [D-CA]	Rep. Mike Kelly [R-PA]	Rep. Ron Kind [D-WI]
Sen. Gary Peters [D-MI]

Date	Chamber	Action
2014-05-21	House	Referred to the House Committee on Ways and Means.

SB2260 (Related) 2014-05-07 - Motion to proceed to consideration of measure made in Senate. (consideration: CR S2763-2768)

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/4696/all-info
Text	https://www.congress.gov/113/bills/hr4696/BILLS-113hr4696ih.pdf