H.R. 3623 · 117th Congress
IGNITE American Innovation Act
- Stage
- In committee
- Sponsor
- Dean Phillips
- Introduced
- 2021-05-28
- Latest action
- 2021-05-28 · Introduced in House
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 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.