United States 114th Congress Status: Died 1 D cosponsors

S 537 — COMPETE Act of 2015 Competitiveness and Opportunity by Modernizing and Permanently Extending the Tax Credit for Experimentation Act of 2015

Last action — Read twice and referred to the Committee on Finance.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

COMPETE Act of 2015 Competitiveness and Opportunity by Modernizing and Permanently Extending the Tax Credit for Experimentation Act of 2015 Amends the Internal Revenue Code, with respect to the tax credit for research expenditures, to: (1) increase the rate of such credit to 25% of so much of the taxpayer's qualified research expenses in a taxable year as exceeds 50% of the average expenses for the three preceding taxable years; (2) allow such credit for the basic research expenditures of educational institutions, scientific research organizations, and certain grant organizations; and (3) make such tax credit, as revised by this Act, permanent. Exempts from the definition of "passive activity," for purposes of the passive loss tax rules, any qualified research activity carried on by a high technology research small business pass-thru entity. Defines "high technology research small business pass-thru entity" as any domestic pass-thru entity if: (1) more than 75% of the entity's expenditures are paid or incurred in connection with qualified research, or (2) more than 50% of the entity's expenditures constitute qualified research expenses. Designates a high technology research entity as a small business if it has 250 or fewer full-time employees and does not have aggregate gross assets in excess of $150 million. Allows tax-exempt financing of research park facilities (facilities used in connection with research and experimentation that are located on the same site and funded with not more than 25% of the net proceeds of the bond issue).

Bill Text

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Read S 537 on the official United States source →

Action History

  1. Read twice and referred to the Committee on Finance.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

Accounting and auditing Advanced technology and technological innovations Business investment and capital Capital gains tax Income tax credits Income tax deductions Income tax exclusion Inflation and prices Research and development Securities Small business Tax administration and collection, taxpayers Tax-exempt organizations Taxation
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Frequently asked questions

What does S 537 do?
COMPETE Act of 2015 Competitiveness and Opportunity by Modernizing and Permanently Extending the Tax Credit for Experimentation Act of 2015 Amends the Internal Revenue Code, with respect to the tax credit for research expenditures, to: (1) increase the rate of such credit to 25% of so much of the taxpayer's qualified research expenses in a taxable year as exceeds 50% of the average expenses for the three preceding taxable years; (2) allow such credit for the basic research expenditures of educational institutions, scientific research organizations, and certain grant organizations; and (3) make such tax credit, as revised by this Act, permanent. Exempts from the definition of "passive activity," for purposes of the passive loss tax rules, any qualified research activity carried on by a high technology research small business pass-thru entity. Defines "high technology research small business pass-thru entity" as any domestic pass-thru entity if: (1) more than 75% of the entity's expenditures are paid or incurred in connection with qualified research, or (2) more than 50% of the entity's expenditures constitute qualified research expenses. Designates a high technology research entity as a small business if it has 250 or fewer full-time employees and does not have aggregate gross assets in excess of $150 million. Allows tax-exempt financing of research park facilities (facilities used in connection with research and experimentation that are located on the same site and funded with not more than 25% of the net proceeds of the bond issue).
Who sponsors S 537?
S 537 is sponsored by Thomas Carper (D).
What is the current status of S 537?
This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track S 537?
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