Sec. 4. STEM internship tax credit
543 words·~2 min read·
/bill/115/hr/5962/ih/section-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: For purposes of section 38, in the case of an eligible employer the STEM internship credit determined under this section for the taxable year is equal to $2,000 for each qualified STEM intern employed by the employer during the taxable year. The total amount of the credit allowed under subsection
(a)to a taxpayer for a taxable year may not exceed $50,000. For purposes of subsection (a)— The term qualified STEM intern means an individual who is employed under an internship program of an eligible employer under which— each intern is paid not less than the wage in effect under section 6(a) of the Fair Labor Standards Act of 1938, each intern is employed for not less than 20 hours per week by the eligible employer in a position related to the career goals of the intern, each intern completes not less than 6 weeks of employment with the eligible employer as an intern, and each intern is a student who is enrolled full-time in a science, technology, engineering, or math program (including a program of study abroad approved for credit by the eligible institution at which such student is enrolled) leading to a recognized undergraduate or graduate degree at an institution of higher education that is an eligible institution in accordance with the provisions of section 487 of the Higher Education Act of 1965 ( 20 U.S.C. 1094 ) and is not enrolled in an elementary or secondary school. The term eligible employer means an employer who employed on average not more than 500 full-time employees on business days during the preceding calendar year. For purposes of the preceding sentence, any individual with respect to whom a credit is allowed under this section shall not be taken into account. For purposes of subparagraph (A)— All persons treated as a single employer under subsection (b), (c), (m), or
(o)of section 414 shall be treated as 1 employer. In the case of an employer which was not in existence throughout the preceding calendar year, the determination of whether such employer is an eligible employer shall be based on the average number of employees that it is reasonably expected such employer will employ on business days in the current calendar year. Any reference in this paragraph to an employer shall include a reference to any predecessor of such employer. . Subsection
(b)of section 38 of such Code is amended by striking plus at the end of paragraph (36), by striking the period at the end of paragraph
(37)and inserting , plus , and by adding at the end the following new paragraph: the STEM internship credit determined under section 45T(a). . Subsection
(a)of section 280C of such Code is amended by inserting 45T(a), after 45S(a), . The table of sections for subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item: Sec. 45T. STEM internship credit. . The amendments made by this section shall apply to taxable years beginning after December 31, 2017.
Connectionstraces to 1
Traces to 1 document
Citation graph
cites case law
Sec. 4
STEM internship tax credit
Cites 1Cited by 0 across 0 sources