HR 7505
117th Congress
House
Taxation
To amend the Internal Revenue Code of 1986 to add a new medical research component to the credit for increasing research activities.
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 14, 2022
Referred to the House Committee on Ways and Means.
Apr 14, 2022
Introduced in House
Plain-English 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).
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1