Innovators Job Creation Act of 2015
Amends the Internal Revenue Code to allow a qualified small business to elect to use a portion of its tax credit for increasing research expenditures as an offset against its payroll tax liability under the Federal Insurance Contributions Act.
Defines "qualified small business" as a corporation, a partnership, or a person other than a tax-exempt organization that had gross receipts of less than $5 million for the taxable year and that did not have gross receipts for any period preceding the five-taxable-year period ending with such taxable year.
Limits: (1) the number of years a taxpayer may elect to offset payroll taxes under this Act to five, and (2) the annual amount of such offset to $250,000.
Allows an offset of research tax credit amounts against alternative minimum tax liability.
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