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   &lt;pre&gt;[Congressional Record Volume 167, Number 94 (Friday, May 28, 2021)][House]From the Congressional Record Online through the Government Publishing Office [&lt;a href="https://www.gpo.gov"&gt;www.gpo.gov&lt;/a&gt;]By Mr. PHILLIPS:H.R. 3623.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 1. The Congress shall havePower To lay and collect Taxes, Duties, Imposts and Excises,to pay the Debts and provide for the common Defence andgeneral Welfare of the United States; but all Duties, Impostsand Excises shall be uniform throughout the United States;[Page H2679]&lt;/pre&gt;
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     IGNITE American Innovation Act
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     &lt;p&gt;&lt;b&gt;Innovation and Growth Now by Investing in Tomorrow's Enterprises Act or the IGNITE American Innovation Act&lt;/b&gt;&lt;/p&gt; &lt;p&gt;This bill allows certain C corporation taxpayers to elect an increased advance refund of net operating loss carryovers attributable to COVID-19 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. &lt;/p&gt; &lt;p&gt;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.&lt;/p&gt;
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   IGNITE American Innovation Act
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     To amend the Internal Revenue Code of 1986 to provide for advance refunds of certain net operating losses and research expenditures, and for other purposes.
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H11100
2021-05-28
Ways and Means Committee
hswm00
2
House floor actions
Referred to the House Committee on Ways and Means.
IntroReferral
Intro-H
2021-05-28
9
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Introduced in House
IntroReferral
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2021-05-28
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Library of Congress
Introduced in House
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2021-05-28T14:08:30Z
Referred to
House
Ways and Means Committee
hswm00
Standing
W000813
2
Jackie
Rep. Walorski, Jackie [R-IN-2]
Walorski
R
2021-05-28
IN
C001114
3
John
Rep. Curtis, John R. [R-UT-3]
Curtis
R.
R
2021-06-01
UT
Congressional Research Service, Library of Congress
This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
2021-05-28
2021-05-28
Referred to the House Committee on Ways and Means.
House
Taxation
2021-07-29
Read twice and referred to the Committee on Finance.
CRS
Related bill
IGNITE American Innovation Act
S
P000616
3
Dean
Rep. Phillips, Dean [D-MN-3]
N
Phillips
D
MN
Appropriations Business expenses Cardiovascular and respiratory health Corporate finance and management Disability assistance Drug therapy Emergency medical services and trauma care Government trust funds Health promotion and preventive care Health technology, devices, supplies Income tax credits Income tax deductions Infectious and parasitic diseases Medical research Medical tests and diagnostic methods Medicare Prescription drugs Research and development Social security and elderly assistance
2021-05-28
Introduced in House
 <p><b>Innovation and Growth Now by Investing in Tomorrow's Enterprises Act or the IGNITE American Innovation Act</b></p> <p>This bill allows certain C corporation taxpayers to elect an increased advance refund of net operating loss carryovers attributable to COVID-19 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. </p> <p>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.</p>
2021-07-21T14:15:00Z
00
2021-05-28T04:00:00Z
Introduced in House
https://www.govinfo.gov/content/pkg/BILLS-117hr3623ih/xml/BILLS-117hr3623ih.xml
IGNITE American Innovation Act
IGNITE American Innovation Act
Display Title
IH
Introduced in House
To amend the Internal Revenue Code of 1986 to provide for advance refunds of certain net operating losses and research expenditures, and for other purposes.
Official Title as Introduced
IH
Introduced in House
IGNITE American Innovation Act
Short Title(s) as Introduced
IH
Introduced in House
Innovation and Growth Now by Investing in Tomorrow’s Enterprises Act
Short Title(s) as Introduced
HR
2023-01-11T13:49:30Z
2023-01-11T13:49:30Z
3.0.0
2021-07-29
Read twice and referred to the Committee on Finance.
CRS
Related bill
IGNITE American Innovation Act
S
H11100
2021-05-28
Ways and Means Committee
hswm00
2
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Referred to the House Committee on Ways and Means.
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2021-05-28
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2021-05-28
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Introduced in House
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P000616
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Dean
Rep. Phillips, Dean [D-MN-3]
N
Phillips
D
MN
W000813
2
Jackie
Rep. Walorski, Jackie [R-IN-2]
Walorski
R
2021-05-28
IN
C001114
3
John
Rep. Curtis, John R. [R-UT-3]
Curtis
R.
R
2021-06-01
UT
Appropriations Business expenses Cardiovascular and respiratory health Corporate finance and management Disability assistance Drug therapy Emergency medical services and trauma care Government trust funds Health promotion and preventive care Health technology, devices, supplies Income tax credits Income tax deductions Infectious and parasitic diseases Medical research Medical tests and diagnostic methods Medicare Prescription drugs Research and development Social security and elderly assistance
2021-05-28
Introduced in House
 <p><b>Innovation and Growth Now by Investing in Tomorrow's Enterprises Act or the IGNITE American Innovation Act</b></p> <p>This bill allows certain C corporation taxpayers to elect an increased advance refund of net operating loss carryovers attributable to COVID-19 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. </p> <p>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.</p>
2021-07-21T14:15:00Z
00
IGNITE American Innovation Act
IGNITE American Innovation Act
Display Title
IH
Introduced in House
To amend the Internal Revenue Code of 1986 to provide for advance refunds of certain net operating losses and research expenditures, and for other purposes.
Official Title as Introduced
IH
Introduced in House
IGNITE American Innovation Act
Short Title(s) as Introduced
IH
Introduced in House
Innovation and Growth Now by Investing in Tomorrow’s Enterprises Act
Short Title(s) as Introduced
2021-05-28
Referred to the House Committee on Ways and Means.