Bill > HR7555

Introduced Session

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

AI Summary

Committee Categories

Devin Nunes (R)*, 

Referred to the House Committee on Ways and Means. (on 07/09/2020)

Official Document