S. 193: Startup Innovation Credit Act of 2013

Introduced:
Jan 31, 2013 (113th Congress, 2013–2015)
Sponsor:
Sen. Chris Coons [D-DE]
Status:
Referred to Committee

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was assigned to a congressional committee on January 31, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Progress
Introduced Jan 31, 2013
Referred to Committee Jan 31, 2013
Reported by Committee ...
Passed Senate ...
Passed House ...
Signed by the President ...
Prognosis

1% chance of getting past committee.
0% chance of being enacted.

Only 12% of Senate bills made it past committee and only 2% were enacted in 2011–2013. [show factors | methodology]

Cosponsors
7 cosponsors (4R, 3D) (show)
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to amend the Internal Revenue Code of 1986 to provide for startup businesses to use a portion of the research and development credit to offset payroll taxes.

Summary

No summaries available.

Text

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Last updated Jan 31, 2013.
8 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

1/31/2013--Introduced.
Startup Innovation Credit Act of 2013 - 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.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

  • Title 42: THE PUBLIC HEALTH AND WELFARE
  • Chapter 7: SOCIAL SECURITY
  • Subchapter II: FEDERAL OLD-AGE, SURVIVORS, AND DISABILITY INSURANCE BENEFITS
  • Section 401: Trust Funds