US Congress House Bill 6319 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on August 2 2012 - 25% progression, died in committee
Action: 2012-08-02 - 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 2012 - Amends the Internal Revenue Code to allow a qualified small business, other than a tax-exempt organization, 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, 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. Limits the amount of the payroll tax credit portion to $250,000 in any taxable year.

Startup Innovation Credit Act of 2012

Rep. Jim Gerlach [R-PA]

Rep. Zoe Lofgren [D-CA]

Date	Chamber	Action
2012-08-02	House	Referred to the House Committee on Ways and Means.

SB3460 (Same As) 2012-07-31 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/6319/all-info
Text	https://www.congress.gov/112/bills/hr6319/BILLS-112hr6319ih.pdf