H.R. 947 (105th): To amend the Internal Revenue Code of 1986 to permanently extend the research credit and to allow ...

...greater opportunity to elect the alternative incremental credit.

105th Congress, 1997–1998. Text as of Mar 05, 1997 (Introduced).

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HR 947 IH

105th CONGRESS

1st Session

H. R. 947

To amend the Internal Revenue Code of 1986 to permanently extend the research credit and to allow greater opportunity to elect the alternative incremental credit.

IN THE HOUSE OF REPRESENTATIVES

March 5, 1997

Mrs. JOHNSON of Connecticut (for herself, Mr. MATSUI, Mr. SAWYER, Mr. HOUGHTON, Mr. NEAL of Massachusetts, Ms. DUNN, Mr. CAMP, Mr. SAM JOHNSON of Texas, Mrs. KENNELLY of Connecticut, Mr. ENGLISH of Pennsylvania, Ms. MOLINARI, Mr. HERGER, Mr. WELLER, Mr. LEVIN, Mr. PORTMAN, Mr. WATKINS, Mr. OXLEY, Mr. ROHRABACHER, Mr. CAMPBELL, Mr. GEJDENSON, Mr. NEY, Mrs. SMITH of Washington, Ms. ESHOO, Mr. FILNER, Mr. BOEHLERT, Mr. DREIER, Mr. BLUMENAUER, Mr. KLUG, Mr. GILLMOR, Mr. FROST, Ms. HOOLEY of Oregon, Mr. PRICE of North Carolina, Mr. KENNEDY of Massachusetts, Mr. SKAGGS, Mr. EVANS, Ms. FURSE, Mr. CANNON, Ms. DELAURO, Mr. ROGAN, Mr. PASCRELL, Mr. FARR of California, and Mr. COOK) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to permanently extend the research credit and to allow greater opportunity to elect the alternative incremental credit.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. MODIFICATIONS TO RESEARCH CREDIT.

    (a) CREDIT MADE PERMANENT-

      (1) IN GENERAL- Section 41 of the Internal Revenue Code of 1986 (relating to credit for increasing research activities) is amended by striking subsection (h).

      (2) CONFORMING AMENDMENT- Paragraph (1) of section 45C(b) of such Code is amended by striking subparagraph (D).

    (b) OPPORTUNITY TO ELECT ALTERNATIVE INCREMENTAL CREDIT- Subparagraph (B) of section 41(c)(4) of the Internal Revenue Code of 1986 (relating to election) is amended to read as follows:

        ‘(B) ELECTION- An election under this paragraph shall apply to the taxable year for which made and all succeeding taxable years unless revoked with the consent of the Secretary.’

    (c) EFFECTIVE DATES-

      (1) EXTENSION- The amendments made by subsection (a) shall apply to amounts paid or incurred after May 31, 1997.

      (2) ELECTION- The amendment made by subsection (b) shall apply to taxable years beginning after June 30, 1996.