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]

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.

Tracking Information

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Title

To amend the Internal Revenue Code of 1986 to add a new medical research component to the credit for increasing research activities.

Sponsors


History

DateChamberAction
2020-07-09HouseReferred to the House Committee on Ways and Means.
2020-07-09HouseReferred to the Subcommittee on Select Revenue Measures.
2020-07-09HouseIntroduced in House

Same As/Similar To

HB14 (Related) 2020-11-02 - Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.

Subjects


US Congress State Sources


Bill Comments

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