HB5206: To amend the Internal Revenue Code of 1986 to make a portion of research credit refundable for certain small businesses engaging in specified medical research.
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
To amend the Internal Revenue Code of 1986 to make a portion of research credit refundable for certain small businesses engaging in specified medical research.
Plain-language summary
This bill would change how tax credits work for small businesses doing medical research. Currently, research tax credits reduce what businesses owe in taxes but don't result in refunds if credits exceed tax liability. This bill would make a portion of those credits refundable for qualifying small businesses, meaning they could receive money back from the government. The bill is currently in the introduction stage, having just been formally submitted to Congress.
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HB5206: To amend the Internal Revenue Code of 1986 to make a portion of research credit…