,i #aac? ,,congress #a/ ,session ,h4 ,r4 #adae ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,april #i1 #bjac ,mr4 ,van ,holl5 7= himself1 ,mr4 ,rupp]sb]g]1 ,ms4 ,s*w>tz1 ,ms4 ,mc,collum1 ,mr4 ,g>am5di1 & ,mr4 ,polis7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to all[ a cr$it = equity inve/m5ts 9 high te*nology & biote*nology small bus9ess conc]ns develop+ innovative te*nologies t /imulate private sector job gr[?4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,innovative ,te*nologies ,inve/m5t ,inc5tive ,act ( #bjac4 #b4 ,cr$it = inve/m5ts 9 high te*nology & biote*nology bus9ess conc]ns develop+ innovative te*nologies 7a7 ,9 g5]al ,subp>t ,b ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ aft] section #cj;,d ! foll[+ new section3 #cj;,e4 ,inve/m5ts 9 high te*nology & biote*nology bus9ess conc]ns develop+ innovative te*nologies 7a7 ,all[ance ( cr$it ,!re %all be all[$ z a cr$it aga9/ ! tax impos$ by ?is *apt] = ! taxable ye> an am\nt equal to #be p]c5t ( ! qualifi$ equity inve/m5ts made by ! taxpay] dur+ ! taxable ye>4 7b7 ,limitations 7#a7 ,national limitation 7,a7 ,9 g5]al ,!re is a national innovative te*nology inve/m5t cr$it limitation ( #ejj1jjj1jjj4 7,b7 ,allocation ( limitation & issuance ( c]tificate ,"u regulations1 ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration %all make allocations ( ! national innovative te*nology inve/m5t cr$it limitation among qualifi$ equity inve/m5ts & %all issue an innovative te*nology inve/m5t cr$it c]tificate = ea* su* allocation4 7,c7 ,p] bus9ess inve/m5t limitation ,! am\nt ( ! national innovative te*nology inve/m5t cr$it limitation allocat$ to a qualifi$ te*nology small bus9ess conc]n %all n exce$ #ej p]c5t ( ! total am\nt aw>d$ to su* conc]n "u ! ,small ,bus9ess ,innovation ,rese>* 7,,sbir7 program "u section #i ( ! ,small ,bus9ess ,act4 7,d7 ,c]tificate requir$ = cr$it eligibility ,! am\nt all[$ z a cr$it "u subsection 7a7 ) respect to any qualifi$ equity inve/m5t %all n exce$ ! am\nt ( ! national innovative te*nology inve/m5t cr$it limitation allocat$ to su* inve/m5t & %[n on ! innovative te*nology inve/m5t cr$it c]tificate pursuant to subp>agraph 7,e77ii74 7,e7 ,innovative te*nology inve/m5t cr$it c]tificate ,= purposes ( ?is subsection1 an innovative te*nology inve/m5t cr$it c]tificate is a c]tificate :i*-- 7i7 c]tifies ! am\nt ( ! qualifi$ equity inve/m5t1 7ii7 relates su* inve/m5t to an aw>d "u ! ,small ,bus9ess ,innovation ,rese>* 7,,sbir7 program "u section #i ( ! ,small ,bus9ess ,act :i* qualifies = purposes ( ?is section1 & 7iii7 conta9s su* o!r in=mation z ! ,adm9i/rator1 9 consultation ) ! ,secret>y1 det]m9es to be necess>y or appropriate to c>ry out ?is section4 ,! am\nt ( any aw>d "u ! ,small ,bus9ess ,innovation ,rese>* program1 once relat$ "u subp>agraph 7,b7 ) a qualifi$ equity inve/m5t1 may n !reaft] be available = purposes ( ?is section4 7#b7 ,limitation bas$ on p]c5tage own]%ip ,! am\nt ( ! cr$it "u subsection 7a7 all[$ to ! taxpay] ) respect to a qualifi$ equity inve/m5t 9 a qualifi$ te*nology small bus9ess conc]n %all be z]o if1 aft] su* inve/m5t1 ! taxpay] owns 7)9 ! mean+ ( section #cah7 #ej p]c5t or m (-- 7,a7 9 ! case t su* conc]n is a corporation1 ! out/&+ /ock ( ! corporation 7ei!r by vote or value71 & 7,b7 9 ! case t su* conc]n is n a corporation1 ! capital & pr(its int]e/s ( su* conc]n4 7c7 ,qualifi$ equity inve/m5t ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m qualifi$ equity inve/m5t means any equity inve/m5t 9 a qualifi$ te*nology small bus9ess conc]n made dur+ ! inve/m5t p]iod if su* inve/m5t is acquir$ by ! taxpay] at its orig9al issue 7directly or ?r\gh an und]writ]7 solely 9 ex*ange = ca%4 7#b7 ,equity inve/m5t ,! t]m equity inve/m5t means-- 7,a7 any /ock 7o!r ?an nonqualifi$ pref]r$ /ock1 z def9$ 9 section #cea7;g77#b77 9 an entity :i* is a corporation1 & 7,b7 any capital or pr(its int]e/ 9 an entity :i* is n a corporation4 7#c7 ,qualifi$ te*nology small bus9ess conc]n ,! t]m qualifi$ te*nology small bus9ess conc]n means1 ) respect to any taxable ye>1 any small bus9ess conc]n 7z def9$ 9 section #c ( ! ,small ,bus9ess ,act7 if su* conc]n-- 7,a7 is engag$ 9 a high te*nology or biote*nology trade or bus9ess1 & 7,b7 employs an av]age ( few] ?an #ejj employees on bus9ess days dur+ su* ye>4 7#d7 ,inve/m5t p]iod ,! t]m inve/m5t p]iod means ! p]iod-- 7,a7 beg9n+ on ! date ! qualifi$ te*nology small bus9ess conc]n fir/ receives funds pursuant to a fund+ agreem5t "u ! ,small ,bus9ess ,innovation ,rese>* 7,,sbir7 program "u section #i ( ! ,small ,bus9ess ,act1 & 7,b7 end+ on ! la/ day ( ! #ah-mon? p]iod beg9n+ on ! date on :i* su* fund+ agreem5t ceases to be 9 effect4 7d7 ,application ) o!r cr$its 7#a7 ,bus9ess cr$it treat$ z "p ( g5]al bus9ess cr$it ,except z provid$ 9 p>agraph 7#b71 ! cr$it :i* w\ld be all[$ "u subsection 7a7 = any taxable ye> 7det]m9$ )\t reg>d to ?is subsection7 %all be treat$ z a cr$it li/$ 9 section #ch7;b7 = su* taxable ye> 7& n all[$ "u subsection 7a774 7#b7 ,p]sonal cr$it 7,a7 ,9 g5]al ,9 ! case ( an individual :o elects ! application ( ?is p>agraph1 = purposes ( ?is title1 ! cr$it all[$ "u subsection 7a7 = any taxable ye> 7det]m9$ aft] application ( p>agraph 7#a77 %all be treat$ z a cr$it all[able "u subp>t ,a = su* taxable ye>4 7,b7 ,c>ry=w>d ( unus$ cr$it ,if ! cr$it all[able "u subsection 7a7 by reason ( subp>agraph 7,a7 exce$s ! limitation impos$ by section #bf7;a7 = su* taxable ye>1 r$uc$ by ! sum ( ! cr$its all[able "u subp>t ,a 7o!r ?an ?is section7 = su* taxable ye>1 su* excess %all be c>ri$ to ea* ( ! succe$+ #bj taxable ye>s to ! ext5t t su* unus$ cr$it may n be tak5 into acc\nt "u subsection 7a7 by reason ( subp>agraph 7,a7 = a prior taxable ye> because ( su* limitation4 7e7 ,special rules 7#a7 ,relat$ p>ties ,= purposes ( ?is section-- 7,a7 ,9 g5]al ,all relat$ p]sons %all be treat$ z #a p]son4 7,b7 ,relat$ p]sons ,a p]son %all be treat$ z relat$ to ano!r p]son if ! relation%ip betwe5 su* p]sons w\ld result 9 ! disall[ance ( losses "u section #bfg or #gjg7;b74 7#b7 ,basis ,= purposes ( ?is subtitle1 ! basis ( any inve/m5t ) respect to :i* a cr$it is all[able "u ?is section %all be r$uc$ by ! am\nt ( su* cr$it s all[$4 7#c7 ,recapture ,! ,secret>y %all1 by regulations1 provide = recaptur+ ! b5efit ( any cr$it all[able "u subsection 7a7 ) respect to any qualifi$ equity inve/m5t :i* is held by ! taxpay] less ?an #c ye>s1 except t no b5efit %all be recaptur$ 9 ! case (-- 7,a7 transf] ( su* inve/m5t by reason ( ! dea? ( ! taxpay]1 7,b7 transf] betwe5 sp\ses1 or 7,c7 transf] incid5t to ! divorce 7z def9$ 9 section #ajda7 ( su* taxpay]4 7f7 ,regulations ,! ,secret>y %all prescribe su* regulations z may be appropriate to c>ry out ?is section1 includ+ regulations-- 7#a7 :i* prev5t ! abuse ( ! purposes ( ?is section1 & 7#b7 :i* impose appropriate report+ requirem5ts4 4 7b7 ,cr$it made "p ( g5]al bus9ess cr$it ,subsection 7b7 ( section #ch ( su* ,code 7relat+ to curr5t ye> bus9ess cr$it7 is am5d$ by /rik+ plus at ! end ( p>agraph 7#ce71 by /rik+ ! p]iod at ! end ( p>agraph 7#cf7 & ins]t+ 1 plus1 & by add+ at ! end ! foll[+ new p>agraph3 7#cg7 ! portion ( ! qualifi$ equity inve/m5t cr$it to :i* section #cj;,e7d77#a7 applies4 4 7c7 ,con=m+ am5dm5ts 7#a7 ,section #ajaf7;a7 ( su* ,code is am5d$ by /rik+ & at ! end ( p>agraph 7#cf71 by /rik+ ! p]iod at ! end ( p>agraph 7#cg7 & ins]t+ 1 &1 & by ins]t+ aft] p>agraph 7#cg7 ! foll[+ new p>agraph3 7#ch7 to ! ext5t provid$ 9 section #cj;,e7d77#b74 4 7#b7 ,section #be7;e77#a77;,c7 ( su* ,code is am5d$ by ins]t+ #cj;,e1 aft] #be;,d14 7#c7 ,section #adjj;,c7d7 ( su* ,code is am5d$ by ins]t+ & #cj;,e aft] #be;,d4 7d7 ,cl]ical am5dm5t ,! table ( sections = subp>t ,b ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( su* ,code is am5d$ by ins]t+ aft] ! item relat+ to section #cj;,d ! foll[+ new item3 ,sec4 #cj;,e4 ,inve/m5ts 9 high te*nology & biote*nology bus9ess conc]ns develop+ innovative te*nologies4 4 7e7 ,effective date ,! am5dm5ts made by ?is section %all apply to inve/m5ts made aft] ,decemb] #ca1 #bjab1 9 taxable ye>s end+ aft] su* date4