HR 2153
107th Congress
House
Taxation
Business income tax
Business losses
Clinical trials
Commerce
Corporation taxes
Health
Income tax
Orphan drugs
Pharmaceutical research
Research and development tax credit
Science, Technology, Communications
Tax deductions
Tax penalties
Tax refunds
American Breakthrough Research Act of 2001
Introduced: June 13, 2001
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 13, 2001
Referred to the House Committee on Ways and Means.
Jun 13, 2001
Sponsor introductory remarks on measure. (CR E1094)
Jun 13, 2001
Introduced in House
Plain-English summary
American Breakthrough Research Act of 2001 - Amends the Internal Revenue Code to allow a qualified research corporation to elect a refundable credit in the amount of the sum of the discounted research credits and discounted research net operating loss (NOL) in lieu of taking its research credits and research NOLs. (Defines terms for purposes of such credit.)
Prohibits an electing corporation from using nonrelinquished research or NOL tax credits until such corporation has paid back the original amount of the refundable credit in Federal income taxes.
Provides for credit recapture in the event of failure to increase research activity.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1