Expansion of the Research Tax Credit?

A bi-partisan proposal called the Research & Development Tax Credit Expansion Act (S. 2207) in Congress would double from $250,000 to $500,000 the refundable credit for research expenditures by small businesses. It would allow the credit to offset all of an employer’s payroll taxes (not just the employer share of Social Security taxes). And it would raise the credit for startups from the current 14% limit to 20% (the same limit for established firms).