,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #cfdj  ,,in ,,the ,,house ,,of  
,,representatives  ,december #c1        
#bjac,ms4 ,brownley of ,california      
introduced the following bill2 which was
 referred to the ,committee on ,ways and
 ,means  ,a ,,bill  ,to amend the       
,internal ,revenue ,code of #aihf to    
increase and make permanent the research
 credit4  #a4 ,short title ,this ,act   
may be cited as the ,innovation1        
,research1 and ,manufacturing ,act4  #b4
 ,research credit increased and made    
permanent  7a7 ,credit amount increased 
by #ej percent ,paragraphs 7#a71 7#b71  
and 7#c7 of section #da7;a7 of the      
,internal ,revenue ,code of #aihf are   
each amended by striking #bj percent and
 inserting #cj percent4  7b7 ,credit    
made permanent  7#a7 ,in general        
,section #da of such ,code is amended by
 striking subsection 7h74  7#b7         
,conforming amendments  7,a7 ,subsection
 7c7 of section #da of such ,code is    
amended by striking paragraph 7#d74     

7,b7 ,paragraph 7#a7 of section         
#de;,c7b7 of such ,code is amended by   
striking subparagraph 7,d74  7c7 ,credit
 allowed against payroll taxes for small
 employers ,section #da of such ,code1  
as amended by subsection 7b71 is amended
 by adding at the end the following new 
subsection3  7h7 ,credit allowed against
 payroll taxes for small employers  7#a7
 ,in general ,in the case of an eligible
 small employer1 so much of the credit  
determined under subsection 7a7 for the 
taxable year 7determined without regard 
to this subsection7 as does not exceed  
the payroll taxes paid by such employer 
for periods during such taxable year    
shall be treated for purposes of this   
title as a credit allowed under subpart 
,c4  7#b7 ,coordination with research   
credit ,the amount determined under     
subsection 7a7 for any taxable year     
shall be reduced by the amount treated  
under paragraph 7#a7 as a credit allowed
 under subpart ,c4  7#c7 ,eligible small
 employer ,for purposes of this         

subsection1 the term eligible small     
employer means a small business concern 
within the meaning of section #c of the 
,small ,business ,act4  7#d7 ,payroll   
taxes ,for purposes of this subsection1 
the term payroll taxes means-- 7,a7 any 
tax imposed under section #caaa or      
#cbba7;a71  7,b7 so much of any tax     
imposed under section #cbaa7;a7 as      
relates to the rates of tax under       
subsections 7a7 and 7b7 of section      
#caaa1 and  7,c7 #ej percent of any tax 
imposed under section #adja4  4  7d7    
,effective dates  7#a7 ,in general      
,except as provided in paragraph 7#b71  
the amendments made by this section     
shall apply to taxable years beginning  
after ,december #ca1 #bjac4  7#b7       
,extension of credit ,the amendments    
made by subsection 7b7 shall apply to   
amounts paid or incurred after ,december
 #ca1 #bjac4