To amend the Internal Revenue Code of 1986 to add a new medical research component to the credit for increasing research activities.
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Jul 9, 2020)
This bill allows a new research tax credit amount for 14% of specified medical research expenditures. It defines specified medical research expenditures as amounts paid for any qualified research with respect to any qualified countermeasure. A qualified countermeasure is a drug, biological product, or device that is determined to be a priority (1) to diagnose, mitigate, prevent, or treat harm from any biological agent (including organisms that cause an infectious disease) or toxin, chemical, radiological, or nuclear agent that may cause a public health emergency affecting national security; (2) to diagnose, mitigate, prevent, or treat harm from a condition that may result in adverse health consequences or death and may be caused by administering a drug, biological product, or device; or (3) is a product or technology intended to enhance the use or effect of a drug, biological product, or device.
The bill also sets forth a special rule for treatment of specified medical research expenditures paid or incurred in taxable years beginning before January 1, 2021.
What just happenedJul 9, 2020
Referred to the House Committee on Ways and Means.
Who’s behind it
- Introduced in HouseJul 9, 2020
- Jul 9, 2020IntroReferralH11100
Referred to the House Committee on Ways and Means.
Ways and Means Committee - Jul 9, 2020Committee
Referred to the Subcommittee on Select Revenue Measures.
Tax Subcommittee - Jul 9, 2020IntroReferralIntro-H
Introduced in House
- Jul 9, 2020IntroReferral1000
Introduced in House