1. Short title This Act may be cited as the Innovation and Growth Now by Investing in Tomorrow’s Enterprises Act or the IGNITE American Innovation Act . 2. Advance refunds of net operating losses for C corporation taxpayers (a) In general (1) Net operating loss carryovers Section 172 of the Internal Revenue Code of 1986 is amended by redesignating subsection (g) as subsection (h) and by inserting after subsection (f) the following: (g) Advance refund for C corporations relating to certain carryovers arising during 2015 through 2021 (1) In general (A) Election A taxpayer to whom this paragraph applies may elect an advance refund of net operating loss carryovers in the amounts and manner determined under subparagraphs (B) and (C). (B) Net operating loss carryovers arising during 2015 through 2021 The advance refund determined under this subparagraph is an amount elected by the taxpayer in lieu of an election with respect to a net operating loss carryback under subsection (b)(1)(D), in the amount equal to— (i) the rate set forth in section 11 (as in effect on the date of the enactment of this paragraph), multiplied by (ii) any net operating loss carryovers that arose— (I) in a taxable year beginning on or after January 1, 2015, and before January 1, 2020, or (II) in a taxable year beginning on or after January 1, 2019, and before January 1, 2022. (C) COVID–19 research expenditures for 2020 and 2021 The advance refund under this subparagraph is the amount of the advance refund with respect to the portion of any net operating loss attributable to and arising from qualified COVID–19 research expenditures that are paid or incurred on or after February 15, 2020 and before January 1, 2022, that is equal to 200 percent of the amount otherwise taken into account under paragraph (1)(B)(ii). A net operating loss shall be treated as arising from qualified COVID–19 research expenditures to the extent that such expenses are paid or incurred by the taxpayer. (2) Qualified COVID–19 research expenditures For purposes of this