HR 7556
To amend the Internal Revenue Code of 1986 to make a portion of research credit refundable for certain small businesses engaging in specified medical research.
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill aims to help small businesses engaged in specific medical research by making a portion of their research tax credit refundable. It defines ‘specified medical research’ as qualified research related to countermeasures against biological, chemical, radiological, or nuclear threats, as well as products designed to enhance drug or device effectiveness. Businesses meeting certain criteria, including gross receipts under $1 million, can elect to have a portion of their research credit treated as a refund, simplifying the process for these small businesses.
Sponsors
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Primary sponsor
Devin Nunes
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