HR 7555
To amend the Internal Revenue Code of 1986 to add a new medical research component to the credit for increasing research activities.
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- Passed House
- Passed Senate
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Bill overview
This bill modifies the existing research and development tax credit to include a specific component for medical research. It allows businesses to claim a 14% tax credit for qualified medical research expenditures, defined as amounts paid for qualified countermeasures – drugs, biological products, or devices – that address public health emergencies or specific health conditions. The bill also includes provisions to address how these expenditures were treated in prior tax years and clarifies the definition of ‘qualified countermeasure’.
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Primary sponsor
Devin Nunes
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