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Innovation Boost: Expanded Tax Credits for Research and Development

This act expands and modifies tax credits for companies engaged in research and development. It increases gross receipts limits for qualified small businesses and raises credit election caps. Additionally, it adjusts funding for social security trust funds to offset tax revenue reductions.
Key points
Increases gross receipts limits and credit election amounts for small businesses regarding research credits.
Includes employee training expenses related to qualified services as eligible research expenses.
Increases credit rates for qualified domestic manufacturers and for collaborative research activities.
IRS and Small Business Administration will partner to educate businesses about available tax credits.
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Expired
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Additional Information
Print number: 117_S_1979
Sponsor: Sen. Coons, Christopher A. [D-DE]
Process start date: 2021-06-08
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Summarized by: gemini-3-pro-preview
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

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FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_1979.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-06-08.

What are the main provisions?

Key points include:

  • Increases gross receipts limits and credit election amounts for small businesses regarding research credits.
  • Includes employee training expenses related to qualified services as eligible research expenses.
  • Increases credit rates for qualified domestic manufacturers and for collaborative research activities.
  • IRS and Small Business Administration will partner to educate businesses about available tax credits.
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 Sen. Coons, Christopher A. [D-DE].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Taxes Economy