Skip to main content
HR 2968 108th Congress House Taxation Accounting Capital gains tax Clinical trials Commerce Corporate debt Corporate finance Corporate reorganizations Corporation taxes Drug industry Finance and Financial Sector Health Income tax Investments Losses Pharmaceutical research Science, Technology, Communications Tax credits Tax exclusion Tax incentives

Biotechnology Future Investment Expansion Act of 2003

Introduced: July 25, 2003 See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 25, 2003
Referred to the House Committee on Ways and Means.
Jul 25, 2003
Introduced in House
 Plain-English summary Congressional Research Service

Biotechnology Future Investment Expansion Act of 2003 - Amends the Internal Revenue Code to provide that in the case of a biomedical research corporation, any owner shift involving a five-percent shareholder which occurs as the result of a qualified investment during the testing period shall be treated as occurring before the testing period. (Thus not counting toward net operating loss and tax credit carryover limitations.)

Defines: (1) "biomedical research corporation" as a domestic corporation not in bankruptcy which has a drug or biologic in certain clinical trials; and (2) "qualified investment" as a stock acquisition in a biomedical research corporation acquired in cash at its original issue.

Requires a biomedical research corporation to meet a five-year expenditure test with respect to any qualified investment.

What's happening now July 25, 2003

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 1 Republican 1