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Key Votes

HR 4438 - American Research and Competitiveness Act of 2014 - Key Vote

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Legislation - Bill Passed (House) (274-131) - (Key vote)

Title: American Research and Competitiveness Act of 2014

Vote Smart's Synopsis:

Vote to pass a bill that repeals the termination date of the research tax credit.

Highlights:
  • Extends the tax credit for business research past December 31, 2013 (Sec. 2).
  • Restructures the research credit for a taxable year to be the sum of the following (Sec. 2):
    • 20 percent of the qualified research expenses that exceed 50 percent of the average qualified research expenses for the 3 preceding taxable years;
    • 20 percent of the basic research payments that exceed 50 percent of the average basic research payments for the 3 preceding taxable years; and
    • 20 percent of the amounts paid or incurred for the trade or business to an energy research consortium for energy research.
  • Establishes a tax credit rate of 10 percent for an individual who has no qualified research expenses in any 1 of the 3 preceding taxable years (Sec. 2).
Legislation - Introduced (House) -

Title: American Research and Competitiveness Act of 2014

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