Vote Smart's Synopsis:

Vote to pass a bill that increases and makes permanent a tax credit for private research and development, effective after December 31, 2014.

Highlights:

• Repeals the end date for an existing tax credit for private research and development, retroactive to December 31, 2014 (Sec. 2).

• Specifies that the tax credit covers 20 percent of basic or otherwise qualified research costs which exceed 50 percent of the average yearly total cost over the previous 3 years (Sec. 2).

• Specifies that the tax credit covers 10 percent of qualified research costs if a company does not have any qualified research costs for all or any of the previous 3 years (Sec. 2).

• Specifies that the tax credit covers 20 percent of all costs paid by the taxpayer to an energy research consortium for energy research (Sec. 2). 
• Authorizes eligible small businesses to count the tax credit against their alternative minimum tax  instead of, or in addition to, offsetting regular taxes (Sec. 2).

• Prohibits the budgetary effects of this bill from being recorded on either PAYGO scorecard maintained pursuant to the Statutory Pay-As-You-Go Act of 2010, exempting the budgetary effects of this bill from from the Pay-As-You-Go budget balancing process wherein a sequestration is issued to compensate for accumulated increases to the budget deficit (Sec. 3).

Full Bill Text

Full Bill Text