I 

112TH CONGRESS 

1ST SESSION H. R. 1988 

To amend the Internal Revenue Code of 1986 to extend the qualifying 

therapeutic discovery project credit. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 25, 2011 

Mrs. DAVIS of California (for herself and Ms. SCHWARTZ) introduced the following bill; which was referred to the Committee on Ways and Means, 

and in addition to the Committees on Appropriations and Energy and 

Commerce, for a period to be subsequently determined by the Speaker, 

in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To amend the Internal Revenue Code of 1986 to extend 

the qualifying therapeutic discovery project credit. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Qualifying Therapeutic 

5 Discovery Project Tax Credit Extension Act of 2011’’. 


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•HR 1988 IH

1 SEC. 2. EXTENSION OF QUALIFYING THERAPEUTIC DIS2 COVERY PROJECT CREDIT. 

3 (a) LIMITATION ON AMOUNT OF CREDITS THAT MAY

4 BE ALLOCATED UNDER THE PROGRAM.—Subparagraph 

5 (B) of section 48D(d)(1) of the Internal Revenue Code 

6 of 1986 is amended by striking ‘‘2-year period beginning 

7 with 2009’’ and inserting ‘‘7-year period beginning with 

8 2009’’. 

9 (b) APPLICATION OF SUBSECTION.—Paragraph (5) 

10 of section 48D(b) of the Internal Revenue Code of 1986 

11 is amended by striking ‘‘in a taxable year beginning in 

12 2009 or 2010’’ and inserting ‘‘in any taxable year begin13 ning in 2009 and ending in 2015’’. 

14 (c) GRANTS FOR QUALIFIED INVESTMENTS IN

15 THERAPEUTIC DISCOVERY PROJECTS IN LIEU OF TAX

16 CREDITS.— 

17 (1) IN GENERAL.—Paragraph (1) of section 

18 9023(e) of the Patient Protection and Affordable 

19 Care Act is amended by striking ‘‘during a taxable 

20 year beginning in 2009 or 2010’’ and inserting ‘‘in 

21 any taxable year beginning during any of the cal22 endar years of 2009 through 2015’’. 

23 (2) APPLICATION.—Paragraph (2) of section 

24 9023(e) of such Act is amended by adding at the 

25 end the following new subparagraph: 


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1 ‘‘(D) TAXABLE YEARS BEGINNING AFTER

2 2010.—An application for a grant under para3 graph (1) for a taxable year beginning after 

4 2010 shall be submitted— 

5 ‘‘(i) not earlier than the day after the 

6 last day of the taxable year for which such 

7 application is submitted, and 

8 ‘‘(ii) not later than the due date (in9 cluding extensions) for filing the return of 

10 tax for such taxable year.’’. 

11 (3) APPROPRIATIONS.—Paragraph (10) of sec12 tion 9023(e) of such Act is amended by striking 

13 ‘‘such sums as may be necessary’’ and inserting 

14 ‘‘$1,000,000,000 for each of fiscal years 2011 

15 through 2017’’. 

16 (4) TERMINATION.—Paragraph (11) of section 

17 9023(e) of such Act is amended by striking ‘‘Janu18 ary 1, 2013’’ and inserting ‘‘January 1, 2017’’. 

19 (d) EFFECTIVE DATE.—The amendments made by 

20 this Act shall apply to amounts paid or incurred after De21 cember 31, 2010. 

22 SEC. 3. RESCISSION OF UNSPENT FEDERAL FUNDS TO OFF23 SET LOSS IN REVENUES. 

24 (a) IN GENERAL.—Notwithstanding any other provi25 sion of law, of all available unobligated funds equal to the 


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1 amount required to implement this Act in appropriated 

2 discretionary funds are hereby rescinded. 

3 (b) IMPLEMENTATION.—The Director of the Office of 

4 Management and Budget shall determine and identify 

5 funding from appropriation accounts that has been 

6 deemed duplicative by the Government Accountability Of7 fice, and the rescission under subsection (a) shall apply 

8 and the amount of such rescission that shall apply to each 

9 such account. Not later than 60 days after the date of 

10 the enactment of this Act, the Director of the Office of 

11 Management and Budget shall submit a report to the Sec12 retary of the Treasury and Congress of the accounts and 

13 amounts determined and identified for rescission under 

14 the preceding sentence. 

Æ 


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