US HB7555 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on July 9 2020 - 25% progression, died in committee
Action: 2020-07-09 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on July 9 2020 - 25% progression, died in committee
Action: 2020-07-09 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
To amend the Internal Revenue Code of 1986 to add a new medical research component to the credit for increasing research activities.
Sponsors
Rep. Devin Nunes [R-CA] |
History
Date | Chamber | Action |
---|---|---|
2020-07-09 | House | Referred to the House Committee on Ways and Means. |
2020-07-09 | House | Referred to the Subcommittee on Select Revenue Measures. |
2020-07-09 | House | Introduced in House |
Same As/Similar To
HB14 (Related) 2020-11-02 - Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
Subjects
Chemical and biological weapons
Drug therapy
Emergency medical services and trauma care
Hazardous wastes and toxic substances
Health technology, devices, supplies
Income tax credits
Infectious and parasitic diseases
Medical research
Medical tests and diagnostic methods
Nuclear weapons
Research and development
Taxation
Drug therapy
Emergency medical services and trauma care
Hazardous wastes and toxic substances
Health technology, devices, supplies
Income tax credits
Infectious and parasitic diseases
Medical research
Medical tests and diagnostic methods
Nuclear weapons
Research and development
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/7555/all-info |
Text | https://www.congress.gov/116/bills/hr7555/BILLS-116hr7555ih.pdf |