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

HB 7555 To amend the Internal Revenue Code of 1986 to add a new medical research component to the credit for increasing research activities

US Congress 116th Congress

To amend the Internal Revenue Code of 1986 to add a new medical research component to the credit for increasing research activities.
HB-7555


About HB-7555

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.

  

Bill Texts

Introduced 08/05/2020

Weigh In

No votes yet!
Cast yours now to be the first.

Votes for: 0 Votes against: 0

Sponsors (1)