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Business Support: Tax Refunds and COVID-19 Research Credits

This act allows certain businesses, especially those affected by the COVID-19 pandemic, to receive advance tax refunds. The goal is to provide financial support to companies to help them maintain operations and jobs. Additionally, it increases tax credits for COVID-19 related research.
Key points
C-corporations with 5 to 1,500 employees can apply for advance refunds of net operating losses incurred between 2015 and 2021, up to $100 million.
Advance refunds for unused research and orphan drug credits are also available for C-corporations, up to $25 million.
Expenditures for research and development of COVID-19 diagnosis, prevention, and treatment products will qualify for a 200% tax credit.
Recapture rules are introduced for advance refunds if a corporation is sold or liquidated within two years, unless funds are spent on payroll, research, or property, plant, and equipment.
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Expired
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Additional Information
Print number: 117_S_2529
Sponsor: Sen. Menendez, Robert [D-NJ]
Process start date: 2021-07-29
Lustra uses Artificial Intelligence. Verify details in source documents.
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_S_2529.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-07-29.

What are the main provisions?

Key points include:

  • C-corporations with 5 to 1,500 employees can apply for advance refunds of net operating losses incurred between 2015 and 2021, up to $100 million.
  • Advance refunds for unused research and orphan drug credits are also available for C-corporations, up to $25 million.
  • Expenditures for research and development of COVID-19 diagnosis, prevention, and treatment products will qualify for a 200% tax credit.
  • Recapture rules are introduced for advance refunds if a corporation is sold or liquidated within two years, unless funds are spent on payroll, research, or property, plant, and equipment.
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. Menendez, Robert [D-NJ].

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 2025-12-29.

CATEGORIES

Taxes Economy