H.R. 4767

To amend the Internal Revenue Code of 1986 to triple the amount of the credit allowed for basic research.

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I

108th CONGRESS

2d Session

H. R. 4767

IN THE HOUSE OF REPRESENTATIVES

July 7, 2004

Mr. Smith of Michigan introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to triple the amount of the credit allowed for basic research.

1.

Increase in amount of credit for basic research

(a)

In general

Paragraph (2) of section 41(a) of the Internal Revenue Code of 1986 (relating to general rule for credit for increasing research activities) is amended by striking 20 percent and inserting 60 percent.

(b)

Effective date

The amendment made by subsection (a) shall apply to taxable years beginning after the date of the enactment of this Act.