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.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2020-07-09 | IntroReferral | Referred to the House Committee on Ways and Means. | House floor actions |
| 2020-07-09 | Committee | Referred to the Subcommittee on Select Revenue Measures. | House committee actions |
| 2020-07-09 | IntroReferral | Introduced in House | Library of Congress |