S. 3460 (112th): Startup Innovation Credit Act of 2012

Introduced:
Jul 31, 2012 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
See Instead:

H.R. 6319 (same title)
Referred to Committee — Aug 02, 2012

Sponsor
Chris Coons
Junior Senator from Delaware
Party
Democrat
Text
Read Text »
Last Updated
Jul 31, 2012
Length
8 pages
Related Bills
S. 193 (113th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Jan 31, 2013

H.R. 6319 (identical)

Referred to Committee
Last Action: Aug 02, 2012

 
Status

This bill was introduced on July 31, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Jul 31, 2012
Referred to Committee Jul 31, 2012
 
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.

Cosponsors
6 cosponsors (4R, 2D) (show)
Committees

Senate Finance

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

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.


7/31/2012--Introduced.
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.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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