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Expanding R&D Tax Credits for Small Businesses

This act aims to make research and development tax credits more accessible for small businesses, potentially encouraging innovation and growth. It increases revenue limits for eligible companies and adjusts credits for inflation, which could lead to more business development and job creation.
Key points
Increases the gross receipts limit for small businesses to qualify for the R&D tax credit from $5 million to $10 million.
Introduces an annual inflation adjustment for dollar amounts related to the credit, ensuring its value over time.
Allows small businesses to apply the refundable credit against unemployment taxes, potentially improving cash flow.
Increases the credit rate for qualified small businesses from 14% to 20% in certain scenarios.
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Status:
Expired
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Additional Information
Print number: 118_HR_6685
Sponsor: Rep. Neguse, Joe [D-CO-2]
Process start date: 2023-12-07
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

Research and Development Tax Credit Expansion Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_6685.

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 2023-12-07.

What are the main provisions?

Key points include:

  • Increases the gross receipts limit for small businesses to qualify for the R&D tax credit from $5 million to $10 million.
  • Introduces an annual inflation adjustment for dollar amounts related to the credit, ensuring its value over time.
  • Allows small businesses to apply the refundable credit against unemployment taxes, potentially improving cash flow.
  • Increases the credit rate for qualified small businesses from 14% to 20% in certain scenarios.
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. Neguse, Joe [D-CO-2].

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