Bill > HR5821

This bill, the Mental Health Research Accelerator Act of 2023, provides a tax credit of 25% for expenses incurred by taxpayers for translational research on neurodegenerative diseases and psychiatric conditions. The bill establishes an annual national limitation on the amount of credits that can be allocated, starting at $1 billion in 2024 and increasing to $2 billion from 2025 to 2028, before decreasing to $1 billion in 2029. The Secretary of the Treasury, in consultation with other government agencies, will allocate the credits based on scientific merit, emphasizing new therapeutics and devices for central nervous system disorders. The bill also allows tax-exempt entities to transfer the credit to eligible project partners who participate in or fund the research. The credit is applicable for taxable years beginning before 2034.