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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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Status:
Expired
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Additional Information
Print number: 117_S_2529
Sponsor: Sen. Menendez, Robert [D-NJ]
Process start date: 2021-07-29
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

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.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Taxes Economy