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Business Support: Tax Refunds and Research Credits

This act aims to provide financial support to certain businesses, especially medium-sized ones, through accelerated tax refunds and research credits. This allows companies to recover funds more quickly, which they can then use for development, potentially leading to job retention and innovation, particularly in pandemic response.
Key points
C-corporations with 5 to 1500 employees may receive accelerated refunds of overpaid taxes from 2015-2021, up to $100 million.
Accelerated refunds for research and development and orphan drug credits, up to $25 million, are also available for C-corporations without outstanding Small Business Act loans.
Expenses for pandemic-related research (e.g., drug, vaccine development) incurred from February 2020 to January 2022 will qualify for a double tax credit.
Companies receiving refunds must demonstrate that funds were spent on payroll, research expenses, or property, plant, and equipment within three years, or they may be required to repay a portion of the received funds.
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Additional Information
Print number: 117_HR_3623
Sponsor: Rep. Phillips, Dean [D-MN-3]
Process start date: 2021-05-28
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

IGNITE American Innovation Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_3623.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-05-28.

What are the main provisions?

Key points include:

  • C-corporations with 5 to 1500 employees may receive accelerated refunds of overpaid taxes from 2015-2021, up to $100 million.
  • Accelerated refunds for research and development and orphan drug credits, up to $25 million, are also available for C-corporations without outstanding Small Business Act loans.
  • Expenses for pandemic-related research (e.g., drug, vaccine development) incurred from February 2020 to January 2022 will qualify for a double tax credit.
  • Companies receiving refunds must demonstrate that funds were spent on payroll, research expenses, or property, plant, and equipment within three years, or they may be required to repay a portion of the received funds.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Phillips, Dean [D-MN-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Economy