,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #bbjg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #bc1 #bjai ,ms4  
,hassan 7= h]self & ,mr4 ,tillis7       
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to exp&           
refundability & increase simplification 
( ! rese>* cr$it = c]ta9 small          
bus9esses4  #a4 ,%ort title ,?is ,act   
may be cit$ z ! ,rese>* & ,developm5t   
,tax ,cr$it ,expansion ,act ( #bjai4    
#b4 ,expansion ( refundable rese>* cr$it
 = new & small bus9esses  7a7 ,d\bl+ cap
 on refundable cr$it  7#a7 ,9 g5]al     
,clause 7i7 ( section #da7;h77#d77;,b7 (
 ! ,int]nal ,rev5ue ,code ( #aihf is    
am5d$ by /rik+ #bej1jjj & ins]t+        
#ejj1jjj4  7#b7 ,adju/m5t = inflation   
,p>agraph 7#d7 ( section #da7;h7 ( su*  
,code is am5d$-- 7,a7 by r$esignat+     
subp>agraph 7,c7 z subp>agraph 7,d71    
7,b7 by r$esignat+ clause 7ii7 (        
subp>agraph 7,b7 z subp>agraph 7,c71 &  

by mov+ su* subp>agraph #b ems to !     
left1  7,c7 by /rik+ ,limitations 9 !   
head+ ( subp>agraph 7,b7 & ins]t+       
,limitation on am\nt ( election1  7,d7  
by /rik+ ,am\nt 9 ! head+ ( clause 7i7 (
 subp>agraph 7,b7 & ins]t+ ,9 g5]al1 &  
7,e7 by add+ at ! end ( subp>agraph     
7,b71 z am5d$ by ! prec$+ subp>agraphs (
 ?is p>agraph1 ! foll[+ new clause3     
7ii7 ,adju/m5t = inflation ,9 ! case ( a
 taxable ye> beg9n+ aft] #bjbj1 !       
#ejj1jjj am\nt 9 clause 7i7 %all be     
increas$ by an am\nt equal to--  7,i7   
su* doll> am\nt1 multipli$ by  7,,ii7 ! 
co/-(-liv+ adju/m5t det]m9$ "u section  
#a7;f77#c7 = ! cal5d> ye> 9 :i* !       
taxable ye> beg9s1 det]m9$ by sub/itut+ 
#bjai = #bjaf 9 subp>agraph 7,a77ii7    
!re(4  ,if any increase "u ! prec$+     
s5t5ce is n a multiple ( #ajj1 su*      
increase %all be r\nd$ to ! ne>e/       
multiple ( #ajj4  4  7#c7 ,con=m+       
am5dm5t ,clause 7ii7 ( section          
#da7;h77#e77;,b7 ( su* ,code is am5d$ by
 /rik+ ! #bej1jjj am\nt & ins]t+ ! am\nt

 9 effect4  7b7 ,cr$it refundable aga9/ 
,m$ic>e & unemploym5t taxes  7#a7 ,9    
g5]al ,p>agraph 7#a7 ( section #caaa7;f7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by /rik+ subsection 7a7 & ins]t+  
subsections 7a7 & 7b7 & section #ccja4  
7#b7 ,con=m+ am5dm5ts  7,a7 ,p>agraph   
7#b7 ( section #caaa7;f7 ( su* ,code is 
am5d$ by /rik+ ! tax impos$ by          
subsection 7a7 & ins]t+ ! sum ( ! taxes 
impos$ by subsection 7a71 subsection    
7b71 & section #ccja4  7,b7 ,section    
#ccjb ( su* ,code is am5d$ by add+ at ! 
end ! foll[+ new subsection3  7i7 ,cr$it
 = rese>* exp5ditures ( qualifi$ small  
bus9esses ,any portion ( ! cr$it "u     
section #caaa7;f7 :i* is cr$it$ "u su*  
section to ! tax "u section #ccja %all  
be treat$ z a cr$it "u ?is section4     
,subsection 7c7 %all n apply to any su* 
cr$it4  4  7c7 ,d\bl+ eligibility       
?re%old ,subclause 7,i7 ( section       
#da7;h77#c77;,a77i7 ( ! ,int]nal ,rev5ue
 ,code ( #aihf is am5d$ by /rik+        
#e1jjj1jjj & ins]t+ #aj1jjj1jjj4  7d7   

,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ,decemb] #ca1 #bjai4  #c4   
,modifications to alt]native simplifi$  
cr$it = new & small bus9esses  7a7 ,9   
g5]al ,p>agraph 7#d7 ( section #da7;c7 (
 ! ,int]nal ,rev5ue ,code ( #aihf is    
am5d$ by add+ at ! end ! foll[+ new     
subp>agraph3  7,d7 ,special rules =     
qualifi$ small bus9esses ,9 ! case ( a  
qualifi$ small bus9ess 7z def9$ 9       
subsection 7h77#c77-- 7i7 ,cr$it rate   
,subp>agraph 7,a7 %all be appli$ by     
sub/itut+ #bj p]c5t = #ad p]c5t4  7ii7  
,special rule = #a/ ye> ( qualifi$      
rese>* exp5ses ,if ! taxpay] has no     
qualifi$ rese>* exp5ses 9 any taxable   
ye> prec$+ ! taxable ye> = :i* ! cr$it  
is be+ det]m9$1 subp>agraph 7,b77ii7    
%all be appli$ by sub/itut+ #bj p]c5t = 
#f p]c5t4  7iii7 ,special rule = o!r    
ye>s ,if ! taxpay] is n describ$ 9      
clause 7ii7 = ! taxable ye>1 &          
subp>agraph 7,b7 applies to su* taxpay] 
= su* ye>1 at ! election ( ! taxpay]--  

7,i7 subp>agraph 7,b77ii7 %all be appli$
 by sub/itut+ #aj p]c5t = #f p]c5t1 or  
7,,ii7 subp>agraph 7,b7 %all n apply1 & 
! av]age "u subp>agraph 7,a7 %all be    
det]m9$ by disreg>d+ any taxable ye> 9 !
 #c-ye> p]iod describ$ 9 su* subp>agraph
 9 :i* !re 7 no qualifi$ rese>* exp5ses4
  4  7b7 ,effective date ,! am5dm5t made
 by ?is section %all apply to taxable   
ye>s beg9n+ aft] ,decemb] #ca1 #bjai4