Section 1401 of HR 2488 IH, Financial
Freedom Act.
Re: 5 year extension of the R&D tax credit.
Date Introduced: July 13, 1999.
Sponsor: Rep. Bill Archer (R-TX).
Source: Library of Congress.
(a) EXTENSION-
(1) IN GENERAL- Paragraph (1) of section 41(h) (relating to termination) is amended--
(A) by striking `June 30, 1999' and inserting `June 30, 2004', and
(B) by striking the material following subparagraph (B).
(2) TECHNICAL AMENDMENT- Subparagraph (D) of section 45C(b)(1) is amended by striking `June 30, 1999' and inserting `June 30, 2004'.
(3) EFFECTIVE DATE- The amendments made by this subsection shall apply to amounts paid or incurred after June 30, 1999.
(b) INCREASE IN PERCENTAGES UNDER ALTERNATIVE INCREMENTAL CREDIT-
(1) IN GENERAL- Subparagraph (A) of section 41(c)(4) is amended--
(A) by striking `1.65 percent' and inserting `2.65 percent',
(B) by striking `2.2 percent' and inserting `3.2 percent', and
(C) by striking `2.75 percent' and inserting `3.75 percent'.
(2) EFFECTIVE DATE- The amendments made by this subsection shall apply to taxable years beginning after June 30, 1999.