The older section is recast to cover foreign research over 15 years
What the document says“in subsection (b)-- (i) by striking "specified research" and inserting "foreign research",”
The section rewrites section 174 of the Internal Revenue Code of 1986 so that it deals with foreign research or experimental expenditures, amortized over a 15-year period, replaces the word specified with foreign in the text and heading, ties the section to costs attributable to foreign research within the meaning of section 41(d)(4)(F), and adds the words or reduction to amount realized after no deduction in subsection (d). Eleven further conforming cross reference amendments carry the new section 174A through the rest of the Code.
What the document actually says“in subsection (b)-- (i) by striking "specified research" and inserting "foreign research",”
The words specified research are taken out. The words foreign research are put in.
The older section now covers work done abroad. Those costs are spread over 15 years. Eleven other spots are updated to match.
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