American Innovation and Jobs Act
Latest action · Mar 16, 2023 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.
- IntroducedMar 16, 2023
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
American Innovation and Jobs Act
This bill revises and expands the deductibility of research and experimental expenditures to allow immediate expensing of such expenditures. It also allows the amortization over a period of at least 60 months of certain other types of research and experimental expenditures not treated as expenses.
The bill increases the maximum amount eligible for the tax credit for new and small businesses and increases to 20% the rate of the credit for business startups.
Cosponsors 43
Members who signed on, in the order they did. Signatures ran from Mar 16, 2023 to Jan 24, 2024; 13 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-TN | Bill Hagerty | Original | Mar 16, 2023 |
| D-NV | Catherine Cortez Masto | Original | Mar 16, 2023 |
| D-CA | Dianne Feinstein | Original | Mar 16, 2023 |
| D-MI | Gary C. Peters | Original | Mar 16, 2023 |
| R-KS | Jerry Moran | Original | Mar 16, 2023 |
| R-WY | John Barrasso | Original | Mar 16, 2023 |
| I-AZ | Kyrsten Sinema | Original | Mar 16, 2023 |
| D-AZ | Mark Kelly | Original | Mar 16, 2023 |
| D-WA | Patty Murray | Original | Mar 16, 2023 |
| R-MS | Roger F. Wicker | Original | Mar 16, 2023 |
| R-MT | Steve Daines | Original | Mar 16, 2023 |
| R-NC | Thom Tillis | Original | Mar 16, 2023 |
| R-IN | Todd Young | Original | Mar 16, 2023 |
| D-CA | Alex Padilla | Mar 23, 2023 | |
| D-MN | Amy Klobuchar | Mar 23, 2023 | |
| R-NE | Deb Fischer | Mar 23, 2023 | |
| R-WV | Shelley Moore Capito | Mar 23, 2023 | |
| I-ME | Angus S. King Jr. | Mar 27, 2023 | |
| D-DE | Christopher A. Coons | Mar 27, 2023 | |
| R-KS | Roger Marshall | Mar 27, 2023 | |
| R-AL | Tommy Tuberville | Mar 30, 2023 | |
| R-LA | John Kennedy | Apr 25, 2023 | |
| D-NJ | Robert Menendez | Apr 25, 2023 | |
| R-AR | John Boozman | May 2, 2023 | |
| D-WI | Tammy Baldwin | May 2, 2023 | |
| D-VA | Mark R. Warner | May 10, 2023 | |
| R-OK | Markwayne Mullin | May 10, 2023 | |
| R-NC | Ted Budd | May 10, 2023 | |
| D-VA | Tim Kaine | May 10, 2023 | |
| D-NV | Jacky Rosen | May 15, 2023 | |
| R-AL | Katie Boyd Britt | May 15, 2023 | |
| R-AK | Dan Sullivan | Jun 13, 2023 | |
| D-NM | Martin Heinrich | Jun 13, 2023 | |
| R-OK | James Lankford | Jul 12, 2023 | |
| D-NY | Kirsten E. Gillibrand | Jul 12, 2023 | |
| D-GA | Jon Ossoff | Jul 18, 2023 | |
| R-IN | Mike Braun | Jul 18, 2023 | |
| R-OH | J. D. Vance | Sep 27, 2023 | |
| D-NH | Jeanne Shaheen | Sep 27, 2023 | |
| D-MT | Jon Tester | Nov 29, 2023 | |
| R-NE | Pete Ricketts | Nov 29, 2023 | |
| D-NM | Ben Ray Luján | Jan 24, 2024 | |
| R-SC | Lindsey Graham | Jan 24, 2024 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Mar 16, 2023 |
Actions 2
Everything that happened, newest first.
- Mar 16, 2023Introduced in Senate
- Mar 16, 2023Read twice and referred to the Committee on Finance.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 118-671 | ROUNDTABLE DISCUSSION ON TACKLING TAX COMPLEXITY: THE SMALL BUSINESS PERSPECTIVE62 pages | Finance Committee · Small Business and Entrepreneurship Committee | Jun 7, 2023 |
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| IF12815 | How the “Tax Cuts and Jobs Act” (TCJA, P.L. 115-97) Changed Cost Recovery and the Tax Credit for Research | Resource | Nov 12, 2024 |
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 2673 | American Innovation and R&D Competitiveness Act of 2023 | Related bill | Apr 20, 2023 |
| S 2823 | Securing America’s R&D Advantage Act | Related bill | Sep 14, 2023 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to enhance tax benefits for research activities.
- Short Title(s) as Introduced
- American Innovation and Jobs Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Mar 16, 2023Introduced 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
