Bill Sponsor
House Bill 7555
116th Congress(2019-2020)
To amend the Internal Revenue Code of 1986 to add a new medical research component to the credit for increasing research activities.
Introduced
Introduced
Introduced in House on Jul 9, 2020
Overview
Text
Introduced
Jul 9, 2020
Latest Action
Jul 9, 2020
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
7555
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
Republican
California
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

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.

Text (1)
Actions (3)
07/09/2020
Referred to the House Committee on Ways and Means.
07/09/2020
Referred to the Subcommittee on Select Revenue Measures.
07/09/2020
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:45:58 PM