Last week, the Senate unanimously approved an amendment adding legislation supported by TechVoice – the “Innovation Credit Act of 2013” – to the tax extenders bill currently being debated in the Senate. This is an important milestone for TechVoice.
Adding this TechVoice-supported legislation to the extenders bill is a major step on the road to its eventual enactment into law. Next up, the extenders bill, which now includes the startup R&D tax credit, will be voted on by the Senate. Assuming passage in the Senate, the focus will then shift to the House, where extenders legislation has not yet been introduced. However, we do anticipate the House will take up its own extenders legislation in the coming months, as Congressman Dave Camp (R-Mich.) is now working on crafting his own version.
Added to the Senate extenders bill today, S. 193, the “Innovation Credit Act of 2013,” would allow small startups to offset their R&D tax credit against payroll tax liability as opposed to income tax liability. This legislation has been featured on the TechVoice site, and all TechVoice members have contributed to our collective efforts to move this legislation along. Read more here and here.
Last week’s unanimous amendment also included another bill supported by TechVoice: “The Innovators Job Creation Act.” This legislation enhances the startup R&D tax credit by allowing investors in small startups to offset the credit against their alternative minimum tax liability. TechVoice supported this approach in January, in an open letter to the co-sponsors. Read more here and here.
We will now turn our efforts to supporting passage of the Senate extenders bill, and then on to the House. Good work, TechVoice!
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