US SB825 | 2011-2012 | 112th Congress

US Congress Senate Bill 825 (Prior Session Legislation)

Status

Sponsorship: Partisan Bill (Democrat 1)
Status: Introduced on April 14 2011 - 25% progression, died in committee
Action: 2011-04-14 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2514-2516)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Job Creation Through Innovation Act - Amends the Internal Revenue Code to: (1) increase and make permanent the tax credit for increasing research activities, (2) allow an increased research tax credit for manufacturers whose domestic production gross receipts are more than 50% of their total receipts, (3) make the research tax credit refundable for businesses with an average number of employees of 500 or fewer, and (4) expand the qualifying advanced energy project credit by allocating in 2011 $5 billion of grants or tax credit amounts to manufacturers of goods and components (other than for assembly of components) in the United States that are used in alternative energy projects. Amends the American Recovery and Reinvestment Tax Act of 2009 to extend the grant program for investment in renewable energy property, including renewable resources used to produce electricity and fuel cell, solar, wind, geothermal, and microturbine property, in lieu of tax credits, by extending the placed-in-service deadline for such property through 2012. Extends through September 30, 2013, the deadline for submitting grant applications for such program.

Title

Job Creation Through Innovation Act

History

Date	Chamber	Action
2011-04-14	Senate	Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2514-2516)
2011-04-14	Senate	Sponsor introductory remarks on measure. (CR S2514)

Same As/Similar To

SB591 (Related) 2011-03-15 - Read twice and referred to the Committee on Finance.
HB724 (Related) 2011-02-15 - Referred to the House Committee on Ways and Means.