Sec. 13902. Increase in research credit against payroll tax for small businesses
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Clause
(i)of section 41(h)(4)(B) is amended— by striking and inserting “ Amount .—The amount Amount .— The amount , and by adding at the end the following new subclause: In the case of taxable years beginning after December 31, 2022, the amount in subclause
(I)shall be increased by $250,000. . Paragraph
(1)of section 3111(f) is amended— by striking for a taxable year, there shall be allowed and inserting “for a taxable year— there shall be allowed , by striking equal to the and inserting equal to so much of the , by striking the period at the end and inserting as does not exceed the limitation of subclause
(I)of section 41(h)(4)(B)(i) (applied without regard to subclause
(II)thereof), and , and by adding at the end the following new subparagraph: there shall be allowed as a credit against the tax imposed by subsection
(b)for the first calendar quarter which begins after the date on which the taxpayer files the return specified in section 41(h)(4)(A)(ii) an amount equal to so much of the payroll tax credit portion determined under section 41(h)(2) as is not allowed as a credit under subparagraph (A). . Paragraph
(2)of section 3111(f) is amended— by striking paragraph
(1)and inserting paragraph (1)(A) , and by inserting , and the credit allowed by paragraph (1)(B) shall not exceed the tax imposed by subsection
(b)for any calendar quarter, after calendar quarter . Paragraph
(3)of section 3111(f) is amended by striking the credit and inserting any credit . Paragraph
(4)of section 3111(f) is amended— by striking credit and inserting credits , and by striking subsection
(a)and inserting subsection
(a)or
(b). Clause
(ii)of section 41(h)(5)(B) is amended by striking the $250,000 amount and inserting each of the $250,000 amounts . The amendments made by this section shall apply to taxable years beginning after December 31, 2022.