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IGNITE American Innovation Act

USA116th CongressHR-7917| House 
| Updated: 7/31/2020
Dean Phillips

Dean Phillips

Democratic Representative

Minnesota

Cosponsors (4)
Chris Stewart (Republican)Jackie Walorski (Republican)John R. Curtis (Republican)Larry Bucshon (Republican)

Ways and Means Committee, Tax Subcommittee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Innovation and Growth Now by Investing in Tomorrow's Enterprises Act or the IGNITE American Innovation Act This bill allows certain C corporation taxpayers to elect an increased advance refund of net operating loss carryovers attributable to COVID-19 (i.e., coronavirus disease 2019) research expenditures in 2020 and 2021. The bill also allows such taxpayers an advance refund of certain other net operating loss carryovers arising during 2015 through 2021. The bill allows an increased research tax credit for COVID-19 research expenditures paid or incurred on or after February 15, 2020, and before January 1, 2022.
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Timeline
Jul 31, 2020
Introduced in House
Jul 31, 2020
Referred to the House Committee on Ways and Means.
Jul 31, 2020
Referred to the Subcommittee on Select Revenue Measures.
  • July 31, 2020
    Introduced in House
  • July 31, 2020
    Referred to the House Committee on Ways and Means.
  • July 31, 2020
    Referred to the Subcommittee on Select Revenue Measures.

Taxation

AppropriationsBusiness expensesCardiovascular and respiratory healthCorporate finance and managementDisability assistanceDrug therapyEmergency medical services and trauma careGovernment trust fundsHealth promotion and preventive careHealth technology, devices, suppliesIncome tax creditsIncome tax deductionsInfectious and parasitic diseasesMedical researchMedical tests and diagnostic methodsMedicarePrescription drugsResearch and developmentSocial security and elderly assistance

IGNITE American Innovation Act

USA116th CongressHR-7917| House 
| Updated: 7/31/2020
Innovation and Growth Now by Investing in Tomorrow's Enterprises Act or the IGNITE American Innovation Act This bill allows certain C corporation taxpayers to elect an increased advance refund of net operating loss carryovers attributable to COVID-19 (i.e., coronavirus disease 2019) research expenditures in 2020 and 2021. The bill also allows such taxpayers an advance refund of certain other net operating loss carryovers arising during 2015 through 2021. The bill allows an increased research tax credit for COVID-19 research expenditures paid or incurred on or after February 15, 2020, and before January 1, 2022.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jul 31, 2020
Introduced in House
Jul 31, 2020
Referred to the House Committee on Ways and Means.
Jul 31, 2020
Referred to the Subcommittee on Select Revenue Measures.
  • July 31, 2020
    Introduced in House
  • July 31, 2020
    Referred to the House Committee on Ways and Means.
  • July 31, 2020
    Referred to the Subcommittee on Select Revenue Measures.
Dean Phillips

Dean Phillips

Democratic Representative

Minnesota

Cosponsors (4)
Chris Stewart (Republican)Jackie Walorski (Republican)John R. Curtis (Republican)Larry Bucshon (Republican)

Ways and Means Committee, Tax Subcommittee

Taxation

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
AppropriationsBusiness expensesCardiovascular and respiratory healthCorporate finance and managementDisability assistanceDrug therapyEmergency medical services and trauma careGovernment trust fundsHealth promotion and preventive careHealth technology, devices, suppliesIncome tax creditsIncome tax deductionsInfectious and parasitic diseasesMedical researchMedical tests and diagnostic methodsMedicarePrescription drugsResearch and developmentSocial security and elderly assistance