IGNITE American Innovation Act
Latest action · Jul 31, 2020 Referred to the Subcommittee on Select Revenue Measures.
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.
- IntroducedJul 31, 2020
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 4
Members who signed on, in the order they did. Signatures ran from Jul 31, 2020 to Oct 20, 2020, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-IN | Jackie Walorski | Original | Jul 31, 2020 |
| R-UT | John R. Curtis | Aug 14, 2020 | |
| R-UT | Chris Stewart | Sep 29, 2020 | |
| R-IN | Larry Bucshon | Oct 20, 2020 |
Actions 3
Everything that happened, newest first.
- Jul 31, 2020Introduced in House
- Jul 31, 2020Referred to the House Committee on Ways and Means.
- Jul 31, 2020Referred to the Subcommittee on Select Revenue Measures.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Appropriations
- Business expenses
- Cardiovascular and respiratory health
- Corporate finance and management
- Disability assistance
- Drug therapy
- Emergency medical services and trauma care
- Government trust funds
- Health promotion and preventive care
- Health technology, devices, supplies
- Income tax credits
- Income tax deductions
- Infectious and parasitic diseases
- Medical research
- Medical tests and diagnostic methods
- Medicare
- Prescription drugs
- Research and development
- Social security and elderly assistance
- Taxation
Text 1
Each version as it was printed, newest first.
- Jul 31, 2020Introduced in House
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.