(B), and (III) by striking for a taxable year and all that follows through allowed as a credit and inserting for a taxable year, there shall be allowed as a credit , (ii) in paragraph (2)— (I) by striking paragraph (1)(A) and inserting paragraph (1) , and (II) by striking , and the credit allowed by paragraph (1)(B) shall not exceed the tax imposed by subsection (b) for any calendar quarter, , and (iii) in paragraph (4)— (I) by striking credits and inserting credit , and (II) by striking or (b) . (b) Extension of eligibility and applicability of election (1) Startup date Subclause (II) of section 41(h)(3)(A)(i) of the Internal Revenue Code of 1986 is amended by striking 5-taxable-year period and inserting 8-taxable-year period . (2) Extension of limitation on election Clause (ii) of section 41(h)(4)(B) of such Code is amended by striking 5 or more and inserting 8 or more . (c) Gross receipts test Clause (i) of section 41(h)(3)(A) of the Internal Revenue Code of 1986 is amended— (1) by striking $5,000,000 in subclause (I) and inserting $15,000,000 , and (2) by striking gross receipts in subclause (II) and inserting gross receipts in excess of $25,000 . (d) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2022. 4. Increasing access to the research credit for startups (a) In general Paragraph (4) of section 41(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: (D) Special rules for qualified small businesses In the case of a qualified small business (as defined in subsection (h)(3))— (i) subparagraph (A) shall be applied by substituting 20 percent for 14 percent , and (ii) if subparagraph (B) applies to such taxpayer, at the election of the taxpayer— (I) subparagraph (B)(ii) shall be applied by substituting 10 percent for 6 percent , or (II) in lieu of applying subparagraph (B), the average under subparagraph (A) shall be determined by disregarding any taxable year in the 3-year period described in such