A bill to amend the Internal Revenue Code of 1954 to provide an income tax credit to corporations for contributions for basic research.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow a corporation (other than a small business corporation) an income tax credit equal to 25 percent of its contribution to an institution of higher education for basic research in the physical sciences. Reduces the allowable amount of such credit by the amount of charitable contributions made by such corporations for purposes other than basic research.…