H.R. 4475 (98th): High Technology Research and Scientific Education Act of 1983

Introduced:
Nov 18, 1983 (98th Congress, 1983–1984)
Status:
Died (Referred to Committee)
Sponsor
James Shannon
Representative for Massachusetts's 5th congressional district
Party
Democrat
Related Bills
S. 2165 (identical)

Referred to Committee
Last Action: Nov 18, 1983

H.R. 4170 (Related)
Deficit Reduction Act of 1984

Signed by the President
Jul 18, 1984

 
Status

This bill was introduced on November 18, 1983, in a previous session of Congress, but was not enacted.

Progress
Introduced Nov 18, 1983
 
Full Title

A bill entitled: the "High Technology Research and Scientific Education Act of 1983".

Summary

No summaries available.

Cosponsors
160 cosponsors (96D, 64R) (show)
Committees

House Ways and Means

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

H.R. stands for House of Representatives 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

We don’t have a summary available yet.

Library of Congress Summary

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


11/18/1983--Introduced.
High Technology Research and Scientific Education Act of 1983 - Title I - The Credit for Increasing Research Activities; ACRS for R&D Equipment - Amends the Internal Revenue Code to make permanent the tax credit for research and development (R&D) expenditures.
Modifies the definition of qualified research for purposes of the R&D credit to narrow the category of eligible activities for which the credit is allowable.
Makes depreciation of research equipment eligible for the R&D credit.
Eliminates the special three-year accelerated cost recovery system (ACRS) category for research equipment.
Increases contract research expenses eligible for R&D credit purposes to 75 percent of the amount paid to others for research on the taxpayer's behalf.
Provides that in-house and contract research expenses paid or incurred by a regular corporation will constitute qualified research expenses for R&D credit purposes.
Provides that in the case of research being conducted in partnership form, the "in carrying on" test is applied at the partnership level, and the credit is apportioned among the partners in accordance with general partnership rules.
Title II - Promotion of University Research and Scientific Education - Establishes a new income tax credit equal to 25 percent of payments to universities for basic research which exceed a fixed, maintenance-of-effort floor.
Calculates the maintenance-of-effort floor as the greater of the annual average of university basic research payments over 1982-1983 or one percent of the average annual R&D budget over 1981-1983.
Treats the portion of the university basic research payments which is not in excess of the maintenance-of-effort floor as contract research expenses eligible for purposes of computing the regular incremental R&D credit.
Allows corporations an income tax deduction for contributions of scientific and technical property or services to an institution of higher education.
Defines scientific property to mean computer software or other equipment used in a trade or business, which is donated for the direct education of students and faculty, for research and experimentation, or for research training in the United States in mathematics, the physical or biological sciences, engineering, or computer science.
Sets forth a formula for determining the amount of the allowable deduction for contributions of scientific property or services.
Limits the amount of such deduction to ten percent of taxable income computed without regard to specified deductions.
Provides for an income tax exclusion for the scholarships, fellowship grants, student loan forgiveness, or stipends of a graduate student in mathematics, engineering, computer science, or the physical or biological sciences.
Specifies that such tax exclusion is not forfeited merely because the student is required, as a condition of the scholarship or fellowship, to perform future service in teaching or research.

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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