This bill would change the order in which corporations claim federal business tax credits under the Internal Revenue Code. Specifically, it modifies rules in Section 38 of the tax code that govern how companies apply various credits against their tax liability. The changes would apply to tax years that end after the bill is enacted, affecting any business credits that arise before, during, or after that date. The bill does not specify new funding amounts or establish new programs, as it only reorganizes how existing tax credits are sequenced and applied. Representatives Greg Steube and Vern Buchanan introduced this legislation in December 2023, and it was referred to the House Ways and Means Committee for consideration.
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