H.R. 5207 · 118th Congress
To amend the Internal Revenue Code of 1986 to add a new medical research component to the credit for increasing research activities.
- Stage
- In committee
- Sponsor
- Vern Buchanan
- Introduced
- 2023-08-15
- Latest action
- 2023-08-15 · Introduced in House
Summary
This bill expands the tax credit for increasing research activities to add a new credit amount equal to 14% of specified medical research expenditures. The bill defines specified medical research expenditures as amounts paid or incurred for research with respect to any qualified countermeasure (i.e., a drug, biological product, or device determined to be a priority in protecting against harm from a biological agent or adverse health condition).