COMPETE Act of 2015
Latest action · Feb 24, 2015 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 24, 2015
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Competitiveness and Opportunity by Modernizing and Permanently Extending the Tax Credit for Experimentation Act of 2015 or the COMPETE 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).
Cosponsors 1
Members who signed on, in the order they did. All signed on Feb 24, 2015.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-PA | Patrick J. Toomey | Original | Feb 24, 2015 |
Actions 2
Everything that happened, newest first.
- Feb 24, 2015Introduced in Senate
- Feb 24, 2015Read twice and referred to the Committee on Finance.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 2179 | PARTNER Act | Related bill | Apr 30, 2015 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- 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
Text 1
Each version as it was printed, newest first.
- Feb 24, 2015Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.