IGNITE American Innovation Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Jul 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.
What just happenedJul 31, 2020
Referred to the Subcommittee on Select Revenue Measures.
Who’s behind it
- Introduced in HouseJul 31, 2020
- Jul 31, 2020Committee
Referred to the Subcommittee on Select Revenue Measures.
Tax Subcommittee - Jul 31, 2020IntroReferralH11100
Referred to the House Committee on Ways and Means.
Ways and Means Committee - Jul 31, 2020IntroReferralIntro-H
Introduced in House
- Jul 31, 2020IntroReferral1000
Introduced in House