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Increased Tax Credits for Research and Development, Easier Access for Startups.

This bill aims to boost tax credits for companies investing in research and development. It makes it easier for businesses, especially new ones, to access these credits, potentially encouraging innovation and the creation of new products and services. These changes could stimulate economic growth and job creation.
Key points
Increases the general research tax credit from 20% to 40%.
Increases the alternative simplified research credit from 14% to 28%.
Expands access to the credit for new businesses (startups) by raising the gross receipts threshold for applying the credit against payroll taxes.
These changes will apply to tax years beginning after December 31, 2023.
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Status:
Expired
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Additional Information
Print number: 118_HR_5056
Sponsor: Rep. Tenney, Claudia [R-NY-24]
Process start date: 2023-07-27
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
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OFFICIAL LEGAL TITLE

Fostering Innovation and Research to Strengthen Tomorrow Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5056.

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 2023-07-27.

What are the main provisions?

Key points include:

  • Increases the general research tax credit from 20% to 40%.
  • Increases the alternative simplified research credit from 14% to 28%.
  • Expands access to the credit for new businesses (startups) by raising the gross receipts threshold for applying the credit against payroll taxes.
  • These changes will apply to tax years beginning after December 31, 2023.
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. Tenney, Claudia [R-NY-24].

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 2025-12-25.

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