PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Select Revenue Measures.
Congressional Research Service
Version 00 · Introduced in House · Jul 31, 2020
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 (i.e., coronavirus disease 2019) 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.
People & committees
Rep. Phillips, Dean [D-MN-3] · D–MN
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Referred to the Subcommittee on Select Revenue Measures.
Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Jan 3, 2025. Consult Congress.gov for the current record.
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Analyze H.R.7917 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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