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Innovators Job Creation Act

Innovators Job Creation Act

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To amend the Internal Revenue Code of 1986 to extend and modify the research and development credit to encourage innovation.
To amend the Internal Revenue Code of 1986 to extend and modify the research and development credit to encourage innovation.

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Categories:Types, Business/Law
Published by: U.S. Senator Chris Coons on Jan 14, 2014
Copyright:Attribution Non-commercial

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03/14/2014

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OTT14022 S.L.C.
113
TH
CONGRESS 2
D
S
ESSION
 
S.
 ll
To amend the Internal Revenue Code of 1986 to extend and modify the research and development credit to encourage innovation.
IN THE SENATE OF THE UNITED STATES
 llllllllll
Mr. R
OBERTS
(for himself and Mr. C
OONS
) introduced the following bill;  which was read twice and referred to the Committee on
 llllllllll
A BILL
To amend the Internal Revenue Code of 1986 to extend and modify the research and development credit to en-courage innovation.
 Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. SHORT TITLE.
3
This Act may be cited as the ‘‘Innovators Job Cre-
4
ation Act’’.
5
SEC. 2. PERMANENT EXTENSION.
6
(a) I
N
G
ENERAL
.—Section 41 of the Internal Rev-
7
enue Code of 1986 is amended by striking subsection (h)
8
and inserting the following:
9
 
2
OTT14022 S.L.C.
‘‘(h) T
ERMINATION OF
 A 
LTERNATIVE
I
NCREMENTAL
 
1
C
REDIT
.—No election under subsection (c)(4) shall apply
2
to taxable years beginning after December 31, 2008.’’.
3
(b) E
FFECTIVE
D
 ATE
.—The amendment made by
4
this section shall apply to amounts paid or incurred after
5
December 31, 2013.
6
SEC. 3. CREDIT ALLOWED AGAINST ALTERNATIVE MIN-
7
IMUM TAX.
8
Subparagraph (B) of section 38(c)(4) of the Internal
9
Revenue Code of 1986 is amended—
10
(1) by redesignating clauses (ii), (iii), (iv), (v),
11
(vi), (vii), (viii), and (ix) as clauses (iii), (iv), (v),
12
(vi), (vii), (viii), (ix), and (x), respectively, and
13
(2) by inserting after clause (i) the following
14
new clause:
15
‘‘(ii) the credit determined under sec-
16
tion 41 to the extent attributable to
17
amounts paid or incurred after December
18
31, 2013,’’.
19
SEC. 4. PERMANENT 5-YEAR CARRYBACK FOR RESEARCH
20
CREDITS OF SMALL BUSINESSES.
21
(a) I
N
G
ENERAL
.—Paragraph (4) of section 39(a) of
22
the Internal Revenue Code of 1986 is amended to read
23
as follows:
24
 
3
OTT14022 S.L.C.
‘‘(4) 5-
 YEAR CARRYBACK FOR RESEARCH CRED
-
1
ITS OF SMALL BUSINESSES
.—Notwithstanding sub-
2
section (d), in the case of credits determined under
3
section 41 with respect to an eligible small business
4
(as defined in section 38(c)(5)(C)) in taxable years
5
 beginning after December 31, 2013—
6
‘‘(A) paragraph (1) shall be applied by
7
substituting ‘each of the 5 taxable years’ for
8
‘the taxable year’ in subparagraph (A) thereof,
9
and
10
‘‘(B) paragraph (2) shall be applied—
11
‘‘(i) by substituting ‘25 taxable years’
12
for ‘21 taxable years’ in subparagraph (A)
13
thereof, and
14
‘‘(ii) by substituting ‘24 taxable years’
15
for ‘20 taxable years’ in subparagraph (B)
16
thereof.’’.
17
(b) E
FFECTIVE
D
 ATE
.—The amendment made by
18
this section shall apply to taxable years beginning after
19
December 31, 2013.
20
SEC. 5. ELECTION PERMITTED ON AMENDED RETURN.
21
(a) I
N
G
ENERAL
.—Paragraph (5) of section 41(c) of
22
the Internal Revenue Code of 1986 is amended by adding
23
at the end the following new subparagraph:
24

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