S 680 IS.
Re: extending permanently the research tax credit.
Sponsor: Orrin Hatch (R-UT).
Date introduced: March 23, 1999.
Source: Library of Congress.
| 106th CONGRESS 1st Session |
S. 680 |
To amend the Internal Revenue Code of 1986 to permanently extend the research credit, and for other purposes.
IN THE SENATE OF THE UNITED STATES
March 23, 1999
Mr. HATCH (for himself, Mr. BAUCUS , Mr. GORTON, Mr. ROBB, Mr. ABRAHAM, Mr. ASHCROFT, Mrs. BOXER, Mr. BREAUX, Mr. COCHRAN, Mr. CONRAD, Mr. DEWINE, Mr. DODD, Mr. DORGAN, Mr. DURBIN, Mrs. FEINSTEIN, Mr. GRASSLEY, Mrs. HUTCHISON, Mr. INHOFE, Mr. JOHNSON, Mr. KENNEDY, Mr. KERREY, Mr. LAUTENBERG, Mr. LEVIN, Mr. LIEBERMAN, Mr. LUGAR, Mr. MACK, Ms. MIKULSKI, Mr. MURKOWSKI, Mrs. MURRAY, Mr. ROCKEFELLER, Mr. SARBANES, Mr. SMITH of Oregon, Mr. TORRICELLI, Mr. WARNER, Mr. WYDEN, and Mr. GRAMM) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to permanently extend the research credit, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
(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) INCREASE IN ALTERNATIVE INCREMENTAL CREDIT RATES- Subparagraph (A) of section 41(c)(4) of the Internal Revenue Code of 1986 is amended--
(1) in clause (i), by striking `1.65 percent' and inserting `2.65 percent',
(2) in clause (ii), by striking `2.2 percent' and inserting `3.2 percent', and
(3) in clause (iii), by striking `2.75 percent' and inserting `3.75 percent'.
(c) EFFECTIVE DATE- The amendments made by subsections (a) and (b) shall apply to amounts paid or incurred after June 30, 1999.