The R&D Investment Incentive Act [TABLE'D]

[Bacon King]

The R&D Investment Incentive Act
   Recognizing the need to increase private R&D investment to remain competitive in a global market place, the Senate hereby passes the following tax code changes.

Section 1: The R&D Tax Deduction
 
Clause 1: Any corporation which invests 5%  of its gross income into research and development shall qualify for a deduction in their corporate income taxes of 50% of the value of the R&D investment.

Clause 2: Any corporation which invests 2.5% of its gross income into research and development shall qualify for a deduction in their corporate income taxes of 25% of the value of the R&D investment.

Section 2: New Start-ups

Clause 1: Newly formed corporations engaging in bringing newly developed products and services to the market as part of research conducted at Universities or at independent laboratories shall be exempt from corporate taxation its first two years of operation, and then for the next three years of operation, pay only 75% of the normal corporate tax rate for that company.

Section 3: The Patent Process

Clause 1: The Senate asks the Game Moderator and Secretary of Internal Affairs to conduct a review of the patent process and make recommendations on how to speed up the process, reduce inefficiencies, and improve quality of the interaction with inventors, entrepreneurs, and existing corporations to encourage more technological development.

Section 4: Expensing

Clause 1: All corporations may now deduct the full cost of depreciation in the market value of equipment and machinery owned and in use by the company, from their corporate income taxes.

Clause 2: Small Business owners may deduct the full cost of the depreciation in the market value of equipment and machinery owned and in use by the business from the owners or partners personal incomes taxes (if a partnership, then the value of the deduction shall be divided according to the proportion of ownership of the partnership). 

Sponsor: NCYankee
Bill Slot: #4

[Senator North Carolina Yankee]

I will be flexible on this. If someone wants it to be offset finanically or there is a section that duplicates and existing law, please feel free to offer an amendment.

[Badger]

I will be flexible on this. If someone wants it to be offset finanically or there is a section that duplicates and existing law, please feel free to offer an amendment.

Good suggestions, but to do that we'll have to get a budget in place.

[Senator North Carolina Yankee]

I will be flexible on this. If someone wants it to be offset finanically or there is a section that duplicates and existing law, please feel free to offer an amendment.

Good suggestions, but to do that we'll have to get a budget in place.

Okay, then I introduce a motion to table the bill.


And just for the record, this wasn't a stunt to prove I actually had a bill that was waiting for the budget process to be completed, or was it?

[Bacon King]

Senators, there is a motion to table this bill. Please vote aye, nay, or abstain.

[Dallasfan65]

If the sponsor wants to table it, then Aye.

[Senator North Carolina Yankee]

If the sponsor wants to table it, then Aye.

I consider it a temporary delay, nothing more.


Aye

[VP Duke]

Errr... aye

[Hans-im-Glück]

AYE

[Bacon King]

Aye

[dialectical fetishist]

The DoI would have opposed this bill, for the record.

[Senator North Carolina Yankee]

The DoI would have opposed this bill, for the record.

Why is that?

[Badger]

If the sponsor wants to table it, then Aye.

Ditto. And I promise some action on getting a budget structure once things slow down in the house after this week.

[Senator North Carolina Yankee]

IT'L BE BACK!!!!!!!!