Search Results: keywords:"capital account"

  • H. R. 1990 — To amend the Internal Revenue Code of 1986 to restore the deduction for research and experimental expenditures.
    Status:Introduced in House
    Words:1,787

    H.R. 1990, titled the “American Innovation and R&D Competitiveness Act of 2025,” aims to amend the Internal Revenue Code of 1986 to restore the deduction for research and experimental expenditures. This bill allows taxpayers to treat these expenditures as expenses instead...

    Simple Explanation

    The American Innovation and R&D Competitiveness Act of 2025 lets people who spend money on research and experiments take those expenses off their taxes instead of having to count them slowly over time. This makes it easier for them to save money on taxes right away when they try new things.

  • H. R. 761 — To amend the Internal Revenue Code of 1986 to provide for an election to expense certain qualified sound recording costs otherwise chargeable to capital account.
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    Status:Introduced in House
    Words:897

    H.R. 761 proposes changes to the Internal Revenue Code of 1986 to allow creators of sound recordings to expense certain production costs immediately, rather than capitalizing them. This means that the costs of producing qualified sound recordings—created and recorded in the...

    Simple Explanation

    Here's a bill that changes tax rules so people who make music in the U.S. can spend less money on taxes by writing off their music-making costs right away, instead of waiting. It helps small music projects but might be tricky for bigger ones or those made outside the U.S.