PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Jun 14, 2001
American Breakthrough Research Act of 2001 - Amends the Internal Revenue Code to allow a qualified research corporation to elect a refundable credit in the amount of the sum of the discounted research credits and discounted research net operating loss (NOL) in lieu of taking its research credits and research NOLs. (Defines terms for purposes of such credit.)Prohibits an electing corporation from using nonrelinquished research or NOL tax credits until such corporation has paid back the original amount of the refundable credit in Federal income taxes.Provides for credit recapture in the event of failure to increase research activity.
People & committees
Sen. Torricelli, Robert G. [D-NJ] · D–NJ
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S6329)
Introduced in Senate
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: Aug 19, 2025. Consult Congress.gov for the current record.
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