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University-Industry Technology Development Act

Introduced: April 26, 1993 Introduced by: DeLauro, Rosa L. Democratic · Connecticut See on congress.gov
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 Everywhere this bill has been 8 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 11, 1993
Referred to the Subcommittee on Postsecondary Education and Training.
May 4, 1993
Referred to the Subcommittee on Economic and Commercial Law.
Apr 30, 1993
Referred to the Subcommittee on Technology, Environment and Aviation.
Apr 26, 1993
Referred to the House Committee on Ways and Means.
Apr 26, 1993
Referred to the House Committee on Science, Space and Technology.
Apr 26, 1993
Referred to the House Committee on Judiciary.
Apr 26, 1993
Referred to the House Committee on Education and Labor.
Apr 26, 1993
Introduced in House
 Plain-English summary Congressional Research Service

University-Industry Technology Development Act - Directs the Secretary of Commerce to establish programs for the selection of: (1) University Technology Development Programs to provide incentives and assistance to universities seeking to develop programs to foster commercially promising basic research; and (2) University-Industry Technology Partnerships to provide incentives and assistance for businesses and universities to enter into partnerships to develop commercial applications for new technologies and processes.

Sets forth application requirements and selection criteria.

Directs the Secretary to select between ten and 25 meritorious proposals as University Technology Development Programs or University-Industry Technology Partnerships annually and to provide financial and technical assistance to such programs. Requires private business participants to contribute at least 50 percent of the capital requirements of the partnership and universities to contribute at least 25 percent of the capital requirements of the technology development program.

Amends the Internal Revenue Code to authorize partnerships to establish technology partnership accounts. Establishes a ceiling on deposits into such accounts. Permits amounts in such accounts to be invested only in interest-bearing securities or in the stock of domestic corporations (subject to the Secretary of the Treasury's approval and a percentage limitation). Provides for the nontaxability of deposits.

Requires capital, capital gain, and ordinary income subaccounts to be established in such accounts. Sets forth the tax treatment of qualified and nonqualified withdrawals from accounts. Treats amounts not withdrawn from the account after a period of ten taxable years as nonqualified withdrawals subject to taxation.

Establishes a technology partnership investment tax credit.

Excludes the applicable percentage of any long-term capital gain recognized on the sale or exchange of a technology program investment held for more than five years from gross income.

Requires all cooperative activities and joint ventures in furtherance of the goals of a University Technology Development Program or a University-Industry Technology Partnership to be judged by the rule of reason in any Federal or State antitrust action. Limits damages in such actions to actual damages and attorney's fees. Authorizes programs or partnerships to seek antitrust rulings by the Secretary of Commerce on proposed activities.

What's happening now May 11, 1993

Referred to the Subcommittee on Postsecondary Education and Training.

 Committees of jurisdiction 7