I 
116TH CONGRESS 
2D SESSION 
H. R. 11 
To amend the Internal Revenue Code of 1986 to encourage investment to 
renew, restore, and rebuild the American economy for our workers, fami-
lies, and small businesses, maximize innovation through research and 
development, and secure America’s medical supplies. 
IN THE HOUSE OF REPRESENTATIVES 
OCTOBER 9, 2020 
Mr. BRADY introduced the following bill; which was referred to the Committee 
on Ways and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to encourage 
investment to renew, restore, and rebuild the American 
economy for our workers, families, and small businesses, 
maximize innovation through research and development, 
and secure America’s medical supplies. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Commitment to American Growth, Renewal, and Oppor-
tunities for Workers, Technology, and Health Act’’ or as 
the ‘‘Commitment to American GROWTH Act’’. 
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(b) TABLE OF CONTENTS.—The table of contents of 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
TITLE I—GROWTH IN BUSINESS INVESTMENT TO BOOST 
AMERICAN WAGES AND JOBS 
Sec. 101. Permanent full expensing for qualified property. 
Sec. 102. Limitation on business interest permanently applied without regard 
to deductions for depreciation, amortization, and depletion. 
TITLE II—GROWTH IN RESEARCH IN AMERICA 
Sec. 201. Repeal amortization of research and experimental expenditures. 
Sec. 202. Doubling the research and experimental tax credit and better access 
to credits for startups. 
Sec. 203. Special rules for transfers of intangible property from controlled for-
eign corporations to United States shareholders. 
TITLE III—GROWTH IN AMERICA’S MEDICAL INDEPENDENCE 
Sec. 301. Domestic medical and drug manufacturing credit. 
Sec. 302. Qualifying advanced medical manufacturing equipment credit. 
Sec. 303. New medical research expenditure component of credit for increasing 
research activities. 
Sec. 304. Refundable portion of research credit for small businesses engaging 
in specified medical research. 
Sec. 305. Exception from passive loss rules for investments in specified medical 
research small business pass-thru entities. 
TITLE IV—GROWTH IN INNOVATION AND TECHNOLOGY 
BREAKTHROUGHS 
Sec. 401. Simplification and expansion of deduction for start-up and organiza-
tional expenditures. 
Sec. 402. Preservation of start-up net operating losses and tax credits after 
ownership change. 
TITLE I—GROWTH IN BUSINESS 
INVESTMENT 
TO 
BOOST 
AMERICAN WAGES AND JOBS 
SEC. 101. PERMANENT FULL EXPENSING FOR QUALIFIED 
PROPERTY. 
(a) IN GENERAL.—Paragraph (6) of section 168(k) 
of the Internal Revenue Code of 1986 is amended to read 
as follows: 
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‘‘(6) APPLICABLE PERCENTAGE.—For purposes 
of this subsection, the term ‘applicable percentage’ 
means, in the case of property placed in service (or, 
in the case of a specified plant described in para-
graph (5), a plant which is planted or grafted) after 
September 27, 2017, 100 percent.’’. 
(b) CONFORMING AMENDMENTS.— 
(1) Section 168(k) of the Internal Revenue 
Code of 1986 is amended— 
(A) in paragraph (2)— 
(i) in subparagraph (A)— 
(I) in clause (i)(V), by inserting 
‘‘and’’ at the end; 
(II) in clause (ii), by striking 
‘‘clause (ii) of subparagraph (E), 
and’’ and inserting ‘‘clause (i) of sub-
paragraph (E).’’; and 
(III) by striking clause (iii); 
(ii) in subparagraph (B)— 
(I) in clause (i)— 
(aa) by striking subclauses 
(II) and (III); and 
(bb) by redesignating sub-
clauses (IV) through (VI) as sub-
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clauses (II) through (IV), respec-
tively; 
(II) by striking clause (ii); and 
(III) by redesignating clauses 
(iii) and (iv) as clauses (ii) and (iii), 
respectively; 
(iii) in subparagraph (C)— 
(I) in clause (i), by striking ‘‘and 
subclauses (II) and (III) of subpara-
graph (B)(i)’’; and 
(II) in clause (ii), by striking 
‘‘subparagraph (B)(iii)’’ and inserting 
‘‘subparagraph (B)(ii)’’; and 
(iv) in subparagraph (E)— 
(I) by striking clause (i); and 
(II) by redesignating clauses (ii) 
and (iii) as clauses (i) and (ii), respec-
tively; and 
(B) in paragraph (5)(A), by striking 
‘‘planted before January 1, 2027, or is grafted 
before such date to a plant that has already 
been planted,’’ and inserting ‘‘planted or graft-
ed’’. 
(2) Section 460(c)(6)(B) of such Code is 
amended by striking ‘‘which’’ and all that follows 
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through the period and inserting ‘‘which has a recov-
ery period of 7 years or less.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall take effect as if included in section 
13201 of Public Law 115–97. 
SEC. 102. LIMITATION ON BUSINESS INTEREST PERMA-
NENTLY APPLIED WITHOUT REGARD TO DE-
DUCTIONS FOR DEPRECIATION, AMORTIZA-
TION, AND DEPLETION. 
(a) IN GENERAL.—Section 163(j)(8)(A)(v) of the In-
ternal Revenue Code of 1986 is amended by striking ‘‘in 
the case of taxable years beginning before January 1, 
2022’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to taxable years beginning after 
December 31, 2021. 
TITLE II—GROWTH IN 
RESEARCH IN AMERICA 
SEC. 201. REPEAL AMORTIZATION OF RESEARCH AND EX-
PERIMENTAL EXPENDITURES. 
(a) IN GENERAL.—Section 174 is amended to read 
as follows: 
‘‘SEC. 174. RESEARCH AND EXPERIMENTAL EXPENDITURES. 
‘‘(a) TREATMENT AS EXPENSES.— 
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‘‘(1) IN GENERAL.—A taxpayer may treat re-
search or experimental expenditures which are paid 
or incurred by him during the taxable year in con-
nection with his trade or business as expenses which 
are not chargeable to capital account. The expendi-
tures so treated shall be allowed as a deduction. 
‘‘(2) WHEN METHOD MAY BE ADOPTED.— 
‘‘(A) WITHOUT
CONSENT.—A taxpayer 
may, without the consent of the Secretary, 
adopt the method provided in this subsection 
for his first taxable year for which expenditures 
described in paragraph (1) are paid or incurred. 
‘‘(B) WITH CONSENT.—A taxpayer may, 
with the consent of the Secretary, adopt at any 
time the method provided in this subsection. 
‘‘(3) SCOPE.—The method adopted under this 
subsection shall apply to all expenditures described 
in paragraph (1). The method adopted shall be ad-
hered to in computing taxable income for the taxable 
year and for all subsequent taxable years unless, 
with the approval of the Secretary, a change to a 
different method is authorized with respect to part 
or all of such expenditures. 
‘‘(b) AMORTIZATION OF CERTAIN RESEARCH AND 
EXPERIMENTAL EXPENDITURES.— 
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‘‘(1) IN GENERAL.—At the election of the tax-
payer, made in accordance with regulations pre-
scribed by the Secretary, research or experimental 
expenditures which are— 
‘‘(A) paid or incurred by the taxpayer in 
connection with his trade or business, 
‘‘(B) not treated as expenses under sub-
section (a), and 
‘‘(C) chargeable to capital account but not 
chargeable to property of a character which is 
subject to the allowance under section 167 (re-
lating to allowance for depreciation, etc.) or sec-
tion 611 (relating to allowance for depletion), 
may be treated as deferred expenses. In computing 
taxable income, such deferred expenses shall be al-
lowed as a deduction ratably over such period of not 
less than 60 months as may be selected by the tax-
payer (beginning with the month in which the tax-
payer first realizes benefits from such expenditures). 
Such deferred expenses are expenditures properly 
chargeable to capital account for purposes of section 
1016(a)(1) (relating to adjustments to basis of prop-
erty). 
‘‘(2) TIME FOR AND SCOPE OF ELECTION.—The 
election provided by paragraph (1) may be made for 
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any taxable year, but only if made not later than the 
time prescribed by law for filing the return for such 
taxable year (including extensions thereof). The 
method so elected, and the period selected by the 
taxpayer, shall be adhered to in computing taxable 
income for the taxable year for which the election is 
made and for all subsequent taxable years unless, 
with the approval of the Secretary, a change to a 
different method (or to a different period) is author-
ized with respect to part or all of such expenditures. 
The election shall not apply to any expenditure paid 
or incurred during any taxable year before the tax-
able year for which the taxpayer makes the election. 
‘‘(c) LAND AND OTHER PROPERTY.—This section 
shall not apply to any expenditure for the acquisition or 
improvement of land, or for the acquisition or improve-
ment of property to be used in connection with the re-
search or experimentation and of a character which is sub-
ject to the allowance under section 167 (relating to allow-
ance for depreciation, etc.) or section 611 (relating to al-
lowance for depletion); but for purposes of this section al-
lowances under section 167, and allowances under section 
611, shall be considered as expenditures. 
‘‘(d) EXPLORATION EXPENDITURES.—This section 
shall not apply to any expenditure paid or incurred for 
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the purpose of ascertaining the existence, location, extent, 
or quality of any deposit of ore or other mineral (including 
oil and gas). 
‘‘(e) ONLY REASONABLE RESEARCH EXPENDITURES 
ELIGIBLE.—This section shall apply to a research or ex-
perimental expenditure only to the extent that the amount 
thereof is reasonable under the circumstances.’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
for part VI of subchapter B of chapter 1 is amended by 
striking the item relating to section 174 and inserting the 
following new item: 
‘‘Sec. 174. Research and experimental expenditures’’. 
(c) CONFORMING AMENDMENTS.— 
(1) Section 41(d)(1)(A) is amended by striking 
‘‘specified research or experimental expenditures 
under section 174’’ and inserting ‘‘expenses under 
section 174’’. 
(2) Section 280C(c) is amended to read as fol-
lows: 
‘‘(c) CREDIT FOR INCREASING RESEARCH ACTIVI-
TIES.— 
‘‘(1) IN GENERAL.—No deduction shall be al-
lowed for that portion of the qualified research ex-
penses (as defined in section 41(b)) or basic re-
search expenses (as defined in section 41(e)(2)) oth-
erwise allowable as a deduction for the taxable year 
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which is equal to the amount of the credit deter-
mined for such taxable year under section 41(a). 
‘‘(2) SIMILAR
RULE
WHERE
TAXPAYER
CAP-
ITALIZES RATHER THAN DEDUCTS EXPENSES.—If— 
‘‘(A) the amount of the credit determined 
for the taxable year under section 41(a)(1), ex-
ceeds 
‘‘(B) the amount allowable as a deduction 
for such taxable year for qualified research ex-
penses or basic research expenses (determined 
without regard to paragraph (1)), 
the amount chargeable to capital account for the 
taxable year for such expenses shall be reduced by 
the amount of such excess. 
‘‘(3) ELECTION OF REDUCED CREDIT.— 
‘‘(A) IN
GENERAL.—In the case of any 
taxable year for which an election is made 
under this paragraph— 
‘‘(i) paragraphs (1) and (2) shall not 
apply, and 
‘‘(ii) the amount of the credit under 
section 41(a) shall be the amount deter-
mined under subparagraph (B). 
‘‘(B) AMOUNT OF REDUCED CREDIT.—The 
amount of credit determined under this sub-
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paragraph for any taxable year shall be the 
amount equal to the excess of— 
‘‘(i) the amount of credit determined 
under section 41(a) without regard to this 
paragraph, over 
‘‘(ii) the product of— 
‘‘(I) the amount described in 
clause (i), and 
‘‘(II) the rate of tax under sec-
tion 11(b). 
‘‘(C) ELECTION.—An election under this 
paragraph for any taxable year shall be made 
not later than the time for filing the return of 
tax for such year (including extensions), shall 
be made on such return, and shall be made in 
such manner as the Secretary may prescribe. 
Such an election, once made, shall be irrev-
ocable. 
‘‘(4) CONTROLLED GROUPS.—Paragraph (3) of 
subsection (b) shall apply for purposes of this sub-
section.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to amounts paid or incurred in tax-
able years beginning after December 31, 2021. 
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SEC. 202. DOUBLING THE RESEARCH AND EXPERIMENTAL 
TAX CREDIT AND BETTER ACCESS TO CRED-
ITS FOR STARTUPS. 
(a) CREDIT RATE INCREASE.— 
(1) IN GENERAL.—Section 41(a) of the Internal 
Revenue Code of 1986 is amended by striking ‘‘20 
percent’’ and inserting ‘‘40 percent’’. 
(2) ALTERNATIVE
SIMPLIFIED
CREDIT.—Sec-
tion 41(c)(4)(A) of such Code is amended by strik-
ing ‘‘14 percent’’ and inserting ‘‘28 percent’’. 
(3) CREDIT RATE IN CASE OF NO RESEARCH 
EXPENSES
IN
PRECEDING
YEARS.—Section 
41(c)(4)(B)(ii) of such Code is amended by striking 
‘‘6 percent’’ and inserting ‘‘1⁄2 the credit percentage 
in effect under subparagraph (A)’’. 
(b) MODIFICATION OF SMALL BUSINESS PORTION 
ALLOWED AGAINST PAYROLL TAX.— 
(1) INCREASE
IN
LIMITATION.—Paragraphs 
(4)(B)(i) and (5)(B)(ii) of section 41(h) of such 
Code are each amended by striking ‘‘$250,000’’ and 
inserting ‘‘$500,000’’. 
(2) QUALIFIED
SMALL
BUSINESS
GROSS
RE-
CEIPTS
THRESHOLD.—Section 41(h)(3)(A)(i)(I) of 
such Code is amended by striking ‘‘$5,000,000’’ and 
inserting ‘‘the dollar amount in effect for the taxable 
year under section 448(c)(1)’’. 
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(c) EFFECTIVE DATES.— 
(1) SUBSECTION (a).—The amendments made 
by subsection (a) shall apply to taxable years begin-
ning after December 31, 2020. 
(2) SUBSECTION (b).—The amendments made 
by subsection (b) shall apply to taxable years begin-
ning after December 31, 2019. 
SEC. 203. SPECIAL RULES FOR TRANSFERS OF INTANGIBLE 
PROPERTY 
FROM 
CONTROLLED 
FOREIGN 
CORPORATIONS TO UNITED STATES SHARE-
HOLDERS. 
(a) IN GENERAL.—Subpart F of part III of sub-
chapter N of chapter 1 of the Internal Revenue Code of 
1986 is amended by adding at the end the following new 
section: 
‘‘SEC. 966. TRANSFERS OF INTANGIBLE PROPERTY TO 
UNITED STATES SHAREHOLDERS. 
‘‘(a) IN GENERAL.—If a controlled foreign corpora-
tion holds intangible property on the date of the enact-
ment of this section and thereafter distributes such prop-
erty to a domestic corporation which is a United States 
shareholder with respect to such controlled foreign cor-
poration— 
‘‘(1) for purposes of part I of subchapter C and 
any other provision of this title specified by the Sec-
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retary, the fair market value of such property on the 
date of such distribution shall be treated as not ex-
ceeding the adjusted basis of such property imme-
diately before such distribution, and 
‘‘(2) if any portion of such distribution is not 
a dividend— 
‘‘(A) no gain shall be recognized by such 
United States shareholder with respect to such 
distribution, and 
‘‘(B) the adjusted basis of such property in 
the hands of such United States shareholder 
immediately after such distribution shall be the 
adjusted basis of such property in the hands of 
such controlled foreign corporation immediately 
before such distribution reduced by the amount 
(if any) of gain not recognized by reason of 
subparagraph (A) (determined after the appli-
cation of paragraph (1)). 
‘‘(b) INTANGIBLE PROPERTY.—For purposes of this 
section, the term ‘intangible property’ means any— 
‘‘(1) patent, copyright, license, invention, for-
mula, process, design, pattern, know-how, or format, 
‘‘(2) method, program, system, procedure, cam-
paign, survey, study, forecast, estimate, or technical 
data, 
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‘‘(3) computer software (as defined in section 
197(e)(3)(B)), or 
‘‘(4) any similar item, which has substantial 
value independent of the services of any individual.’’. 
(b) CONFORMING AMENDMENTS.— 
(1) Section 197(f)(2)(B)(i) of such Code is 
amended by inserting ‘‘966(a),’’ after ‘‘731,’’. 
(2) The table of sections for subpart F of part 
III of subchapter N of chapter 1 of such Code is 
amended by adding at the end the following new 
item: 
‘‘Sec. 966. Transfers of intangible property to United States shareholders.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to distributions made in taxable 
years of foreign corporations beginning after December 
31, 2020, and to taxable years of United States share-
holders in which or with which such taxable years of for-
eign corporations end. 
TITLE III—GROWTH IN AMER-
ICA’S 
MEDICAL 
INDEPEND-
ENCE 
SEC. 301. DOMESTIC MEDICAL AND DRUG MANUFAC-
TURING CREDIT. 
(a) IN GENERAL.—Subpart D of part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code of 
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1986 is amended by adding at the end the following new 
section: 
‘‘SEC. 45U. DOMESTIC MEDICAL AND DRUG MANUFAC-
TURING CREDIT. 
‘‘(a) IN GENERAL.—For purposes of section 38, the 
domestic medical and drug manufacturing credit deter-
mined under this section for any taxable year is an amount 
equal to 10.5 percent of the lesser of— 
‘‘(1) the qualified medical and drug manufac-
turing income of the taxpayer for the taxable year, 
or 
‘‘(2) taxable income of the taxpayer for the tax-
able year. 
‘‘(b) CREDIT LIMITED TO WAGES PAID.— 
‘‘(1) IN GENERAL.—The amount of the credit 
allowable under subsection (a) for any taxable year 
shall not exceed 50 percent of the W–2 wages of the 
taxpayer for the taxable year. 
‘‘(2) W–2 WAGES.—For purposes of this sec-
tion— 
‘‘(A) 
IN
GENERAL.—The 
term 
‘W–2 
wages’ means, with respect to any person for 
any taxable year of such person, the sum of the 
amounts described in paragraphs (3) and (8) of 
section 6051(a) paid by such person with re-
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spect to employment of employees by such per-
son during the calendar year ending during 
such taxable year. 
‘‘(B) LIMITATION
TO
WAGES
ATTRIB-
UTABLE
TO
DOMESTIC
PRODUCTION.—Such 
term shall not include any amount which is not 
properly allocable to domestic medical and drug 
manufacturing gross receipts for purposes of 
subsection (c)(1). 
‘‘(C) RETURN REQUIREMENT.—Such term 
shall not include any amount which is not prop-
erly included in a return filed with the Social 
Security Administration on or before the 60th 
day after the due date (including extensions) 
for such return. 
‘‘(3) ACQUISITIONS, DISPOSITIONS, AND SHORT 
TAXABLE YEARS.—The Secretary shall provide for 
the application of this subsection in cases of a short 
taxable year or where the taxpayer acquires, or dis-
poses of, the major portion of a trade or business or 
the major portion of a separate unit of a trade or 
business during the taxable year. 
‘‘(c) QUALIFIED MEDICAL
AND DRUG MANUFAC-
TURING INCOME.—For purposes of this section— 
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‘‘(1) IN GENERAL.—The term ‘qualified medical 
and drug manufacturing income’ for any taxable 
year means an amount equal to the excess (if any) 
of— 
‘‘(A) the taxpayer’s domestic medical and 
drug manufacturing gross receipts for the tax-
able year, over 
‘‘(B) the sum of— 
‘‘(i) the cost of goods sold that are al-
locable to such receipts, and 
‘‘(ii) other expenses, losses, or deduc-
tions which are properly allocable to such 
receipts. 
‘‘(2) ALLOCATION
METHOD.—The Secretary 
shall prescribe rules for the proper allocation of 
items described in paragraph (1)(B) for purposes of 
determining qualified medical and drug manufac-
turing income. Such rules shall provide for the prop-
er allocation of items whether or not such items are 
directly allocable to domestic medical and drug man-
ufacturing gross receipts. 
‘‘(3) 
SPECIAL
RULES
FOR
DETERMINING 
COSTS.— 
‘‘(A) IN GENERAL.—For purposes of deter-
mining costs under clause (i) of paragraph 
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(1)(B), any item or service brought into the 
United States shall be treated as acquired by 
purchase, and its cost shall be treated as not 
less than its value immediately after it entered 
the United States. 
‘‘(B) EXPORTS FOR FURTHER MANUFAC-
TURE.—In the case of any property described 
in subparagraph (A) that had been exported by 
the taxpayer for further manufacture, the in-
crease in cost or adjusted basis under subpara-
graph (A) shall not exceed the difference be-
tween the value of the property when exported 
and the value of the property when brought 
back into the United States after the further 
manufacture. 
‘‘(4) DOMESTIC MEDICAL AND DRUG MANUFAC-
TURING GROSS RECEIPTS.— 
‘‘(A) IN
GENERAL.—The term ‘domestic 
medical and drug manufacturing gross receipts’ 
means the gross receipts of the taxpayer which 
are derived from any sale, exchange, or other 
disposition of— 
‘‘(i) any active pharmaceutical ingre-
dient, or 
‘‘(ii) any qualified countermeasure, 
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which was manufactured or produced by the 
taxpayer in whole or in significant part within 
the United States. 
‘‘(B) ACTIVE
PHARMACEUTICAL
INGRE-
DIENT.—The term ‘active pharmaceutical ingre-
dient’ means any substance or mixture of sub-
stances intended to be used in the manufacture 
of a drug product and (when so used) becomes 
an active ingredient in the drug product. 
‘‘(C) QUALIFIED COUNTERMEASURE.—The 
term ‘qualified countermeasure’ has the mean-
ing given such term in section 319F–1(a)(2) of 
the Public Health Service Act (42 U.S.C. 
247d–6a(a)(2)).’’ 
‘‘(D) PARTNERSHIPS
OWNED
BY
EX-
PANDED
AFFILIATED
GROUPS.—For purposes 
of this paragraph, if all of the interests in the 
capital and profits of a partnership are owned 
by members of a single expanded affiliated 
group at all times during the taxable year of 
such partnership, the partnership and all mem-
bers of such group shall be treated as a single 
taxpayer during such period. 
‘‘(d) DEFINITIONS AND SPECIAL RULES.—For pur-
poses of this section— 
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‘‘(1) APPLICATION OF SECTION TO PASS-THRU 
ENTITIES.— 
‘‘(A) PARTNERSHIPS
AND
S
CORPORA-
TIONS.—In the case of a partnership or S cor-
poration— 
‘‘(i) this section shall be applied at the 
partner or shareholder level, 
‘‘(ii) each partner or shareholder shall 
take into account such person’s allocable 
share of each item described in subpara-
graph (A) or (B) of subsection (c)(1) (de-
termined without regard to whether the 
items described in such subparagraph (A) 
exceed the items described in such sub-
paragraph (B)), and 
‘‘(iii) each partner or shareholder 
shall be treated for purposes of subsection 
(b) as having W–2 wages for the taxable 
year in an amount equal to such person’s 
allocable share of the W–2 wages of the 
partnership or S corporation for the tax-
able year (as determined under regulations 
prescribed by the Secretary). 
‘‘(B) TRUSTS AND ESTATES.—In the case 
of a trust or estate— 
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‘‘(i) the items referred to in subpara-
graph (A)(ii) (as determined therein) and 
the W–2 wages of the trust or estate for 
the taxable year, shall be apportioned be-
tween the beneficiaries and the fiduciary 
(and among the beneficiaries) under regu-
lations prescribed by the Secretary, and 
‘‘(ii) for purposes of paragraph (2), 
adjusted gross income of the trust or es-
tate shall be determined as provided in sec-
tion 67(e) with the adjustments described 
in such paragraph. 
‘‘(C) REGULATIONS.—The Secretary may 
prescribe rules requiring or restricting the allo-
cation of items and wages under this paragraph 
and may prescribe such reporting requirements 
as the Secretary determines appropriate. 
‘‘(2) APPLICATION
TO
INDIVIDUALS.—In the 
case of an individual, subsection (a)(2) shall be ap-
plied by substituting ‘adjusted gross income’ for 
‘taxable income’. For purposes of the preceding sen-
tence, adjusted gross income shall be determined 
after application of sections 86, 135, 137, 219, 221, 
222, and 469. 
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‘‘(3) 
SPECIAL
RULE
FOR
AFFILIATED 
GROUPS.— 
‘‘(A) IN GENERAL.—All members of an ex-
panded affiliated group shall be treated as a 
single corporation for purposes of this section. 
‘‘(B) EXPANDED
AFFILIATED
GROUP.— 
For purposes of this section, the term ‘ex-
panded affiliated group’ means an affiliated 
group as defined in section 1504(a), deter-
mined— 
‘‘(i) by substituting ‘more than 50 
percent’ for ‘at least 80 percent’ each place 
it appears, and 
‘‘(ii) without regard to paragraphs (2) 
and (4) of section 1504(b). 
‘‘(C) ALLOCATION OF CREDIT.—Except as 
provided in regulations, the credit under sub-
section (a) shall be allocated among the mem-
bers of the expanded affiliated group in propor-
tion to each member’s respective amount (if 
any) of qualified medical and drug manufac-
turing income. 
‘‘(4) TRADE
OR
BUSINESS
REQUIREMENT.— 
This section shall be applied by only taking into ac-
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count items which are attributable to the actual con-
duct of a trade or business. 
‘‘(5) COORDINATION WITH MINIMUM TAX.—For 
purposes of determining alternative minimum tax-
able income under section 55, qualified medical and 
drug manufacturing income shall be determined 
without regard to any adjustments under sections 56 
through 59. 
‘‘(6) UNRELATED
BUSINESS
TAXABLE
IN-
COME.—For purposes of determining the tax im-
posed by section 511, subsection (a)(1)(B) shall be 
applied by substituting ‘unrelated business taxable 
income’ for ‘taxable income’. 
‘‘(7) REGULATIONS.—The Secretary shall pre-
scribe such regulations as are necessary to carry out 
the purposes of this section, including regulations 
which prevent more than 1 taxpayer from being al-
lowed a credit under this section with respect to any 
activity described in subsection (c)(4)(A).’’. 
(b) TREATMENT UNDER BASE EROSION TAX.—Sec-
tion 59A(b)(1)(B)(ii) of such Code is amended by striking 
‘‘plus’’ at the end of subclause (I), by redesignating sub-
clause (II) as subclause (III), and by inserting after sub-
clause (I) the following new subclause: 
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‘‘(II) the credit allowed under 
section 38 for the taxable year which 
is properly allocable to the domestic 
medical and drug manufacturing cred-
it determined under section 45U(a), 
plus’’. 
(c) PART OF GENERAL BUSINESS CREDIT.—Section 
38(b) of such Code is amended by striking ‘‘plus’’ at the 
end of paragraph (32), by striking the period at the end 
of paragraph (33) and inserting ‘‘, plus’’, and by adding 
at the end the following new paragraph: 
‘‘(34) the domestic medical and drug manufac-
turing credit determined under section 45U(a).’’. 
(d) CREDIT ALLOWED AGAINST ALTERNATIVE MIN-
IMUM TAX.—Section 38(c)(4)(B) of such Code is amended 
by redesignating clauses (x) through (xii) as clauses (xi) 
through (xiii), respectively, and by inserting after clause 
(ix) the following new clause: 
‘‘(x) the credit determined under sec-
tion 45U,’’. 
(e) CLERICAL AMENDMENT.—The table of sections 
for subpart D of part IV of subchapter A of chapter 1 
of such Code is amended by adding at the end the fol-
lowing new item: 
‘‘Sec. 45U. Domestic medical and drug manufacturing credit.’’. 
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(f) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2020. 
SEC. 302. QUALIFYING ADVANCED MEDICAL MANUFAC-
TURING EQUIPMENT CREDIT. 
(a) IN GENERAL.—Subpart E of part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code of 
1986 is amended by adding at the end the following new 
section: 
‘‘SEC. 48D. QUALIFYING ADVANCED MEDICAL MANUFAC-
TURING EQUIPMENT CREDIT. 
‘‘(a) IN GENERAL.—For purposes of section 46, the 
qualifying advanced medical manufacturing equipment 
credit determined under this section for any taxable year 
is the applicable percentage of the basis of any qualifying 
advanced medical manufacturing equipment placed in 
service during such taxable year. 
‘‘(b) APPLICABLE PERCENTAGE.—For purposes of 
subsection (a), the applicable percentage is— 
‘‘(1) 30 percent in the case of equipment which 
is placed in service before January 1, 2028, 
‘‘(2) 20 percent in the case of equipment which 
is placed in service during calendar year 2028, 
‘‘(3) 10 percent in the case of equipment which 
is placed in service during calendar year 2029, and 
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‘‘(4) 0 percent in the case of equipment which 
is placed in service after December 31, 2029. 
‘‘(c) QUALIFYING ADVANCED MEDICAL MANUFAC-
TURING EQUIPMENT.—For purposes of this section, the 
term ‘qualifying advanced medical manufacturing equip-
ment’ means property of a character subject to the allow-
ance for depreciation— 
‘‘(1) which is machinery or equipment that is 
designed and used to manufacture a— 
‘‘(A) drug (as such term is defined in sec-
tion 201(g)(1) of the Federal Food, Drug, and 
Cosmetic Act), 
‘‘(B) device (as such term is defined in sec-
tion 201(h) of such Act), or 
‘‘(C) biological product (as such term is 
defined in section 351(i) of the Public Health 
Service Act), 
‘‘(2) which has been identified by the Secretary 
(after consultation with the Secretary of Health and 
Human Services) as machinery or equipment that— 
‘‘(A) incorporates novel technology or uses 
an established technique or technology in a new 
or innovative way, or 
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‘‘(B) that can improve medical product 
quality, address shortages of medicines, and 
speed time-to-market, 
‘‘(3) which is placed in service in the United 
States by the taxpayer, and 
‘‘(4) with respect to which depreciation is allow-
able. 
‘‘(d) CERTAIN
QUALIFIED
PROGRESS
EXPENDI-
TURES RULES MADE APPLICABLE.—Rules similar to the 
rules of subsections (c)(4) and (d) of section 46 (as in 
effect on the day before the enactment of the Revenue 
Reconciliation Act of 1990) shall apply for purposes of 
this section. 
‘‘(e) REGULATIONS.—The Secretary shall prescribe 
such regulations or other guidance as may be necessary 
to carry out the purposes of this section, including regula-
tions which prevent abuse or fraud.’’. 
(b) TREATMENT UNDER BASE EROSION TAX.—Sec-
tion 59A(b)(1)(B)(ii) of such Code, as amended by section 
7 of this Act, is further amended by striking ‘‘plus’’ at 
the end of subclause (II), by redesignating subclause (III) 
as subclause (IV), and by inserting after subclause (II) 
the following new subclause: 
‘‘(III) the credit allowed under 
section 46 for the taxable year which 
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is properly allocable to the qualifying 
advanced 
medical 
manufacturing 
equipment credit determined under 
section 48D(a), plus’’. 
(c) PART OF INVESTMENT CREDIT.—Section 46 of 
such Code is amended by striking ‘‘and’’ at the end of 
paragraph (5), by striking the period at the end of para-
graph (6) and inserting ‘‘, and’’, and by adding at the 
end the following new paragraph: 
‘‘(7) the qualifying advanced medical manufac-
turing equipment credit.’’. 
(d) CLERICAL AMENDMENT.—The table of sections 
for subpart D of part IV of subchapter A of chapter 1 
of such Code is amended by adding at the end the fol-
lowing new item: 
‘‘Sec. 48D. Qualifying advanced medical manufacturing equipment credit.’’. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to periods after the date of the 
enactment of this section under rules similar to the rules 
of section 48(m) of the Internal Revenue Code of 1986 
(as in effect on the date of the enactment fo the Revenue 
Reconciliation Act of 1990). 
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SEC. 303. NEW MEDICAL RESEARCH EXPENDITURE COMPO-
NENT 
OF 
CREDIT 
FOR 
INCREASING 
RE-
SEARCH ACTIVITIES. 
(a) IN GENERAL.—Section 41(a) of the Internal Rev-
enue Code of 1986 is amended by striking ‘‘and’’ at the 
end of paragraph (2), by striking the period at the end 
of paragraph (3) and inserting ‘‘, and’’, and by adding 
at the end the following new paragraph: 
‘‘(4) 14 percent of specified medical research 
expenditures.’’. 
(b) SPECIFIED
MEDICAL
RESEARCH
EXPENDI-
TURES.—Section 41(f) of such Code is amended by adding 
at the end the following new paragraph: 
‘‘(7) SPECIFIED MEDICAL RESEARCH EXPENDI-
TURES.— 
‘‘(A) IN
GENERAL.—The term ‘specified 
medical research expenditures’ means amounts 
paid or incurred for qualified research with re-
spect to any qualified countermeasure. 
‘‘(B) QUALIFIED COUNTERMEASURE.—The 
term ‘qualified countermeasure’ has the mean-
ing given to such term in section 319F–1(a)(2) 
of the Public Health Service Act (42 U.S.C. 
247d–6a(a)(2)).’’. 
(c) DENIAL OF DOUBLE BENEFIT.— 
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(1) TAXABLE YEARS BEGINNING BEFORE JANU-
ARY 1, 2021.—In the case of specified medical re-
search expenditures (as defined in section 41(f)(7) 
of such Code (as added by this section)) paid or in-
curred in taxable years beginning before January 1, 
2021— 
(A) such expenditures shall be treated in 
the same manner as qualified research expenses 
and basic research expenses under section 
280C(c)(1) of such Code (as in effect on the 
day before the enactment of the Tax Cuts and 
Jobs Act), and 
(B) the amount determined under section 
280C(c)(2)(A) (as in effect on such day) for the 
taxable year shall be increased by the amount 
of credit determined for the taxable year under 
section 41(a)(4) (as added by this section). 
(2) TAXABLE YEARS BEGINNING AFTER DECEM-
BER 31, 2020.—Section 280C(c)(1) of such Code is 
amended by striking ‘‘section 41(a)(1)’’ and insert-
ing ‘‘paragraphs (1) and (4) of section 41(a)’’. 
(d) CONFORMING AMENDMENT.—Section 41(f)(1) of 
such Code is amended by striking ‘‘and amounts paid or 
incurred to energy research consortiums’’ each place it ap-
pears and inserting ‘‘, amounts paid or incurred to energy 
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research consortiums, and specified medical research ex-
penditures’’. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to amounts paid or incurred after 
the date of the enactment of this Act, in taxable years 
ending after such date. 
SEC. 304. REFUNDABLE PORTION OF RESEARCH CREDIT 
FOR SMALL BUSINESSES ENGAGING IN SPEC-
IFIED MEDICAL RESEARCH. 
(a) IN GENERAL.—Section 41 of the Internal Rev-
enue Code of 1986 is amended by adding at the end the 
following new subsection: 
‘‘(i) REFUNDABLE
PORTION
FOR
SMALL
BUSI-
NESSES ENGAGING IN SPECIFIED MEDICAL RESEARCH.— 
‘‘(1) IN GENERAL.—At the election of a medical 
research small business, the portion of the credit de-
termined under this section for the taxable year 
which is properly allocable to specified medical re-
search shall be treated (other than for purposes of 
section 280C) as a credit allowed under subpart C 
(and not this subpart). 
‘‘(2) MEDICAL RESEARCH SMALL BUSINESS.— 
For purposes of this subsection, the term ‘medical 
research small business’ means any domestic C cor-
poration— 
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‘‘(A) which conducts any specified medical 
research during the taxable year, and 
‘‘(B) the gross receipts of which (deter-
mined under the rules of subsection (c)) for the 
taxable year do not exceed $1,000,000. 
‘‘(3) SPECIFIED
MEDICAL
RESEARCH.—For 
purposes of this subsection, the term ‘specified med-
ical research’ means any qualified research with re-
spect to qualified countermeasures (as defined in 
section 319F–1(a)(2) of the Public Health Service 
Act (42 U.S.C. 247d–6a(a)(2))). 
‘‘(4) ELECTION.—Any election under this sub-
section for any taxable year— 
‘‘(A) shall specify the amount of the credit 
to which such election applies, 
‘‘(B) shall be made on or before the due 
date (including extensions) of the return of tax 
for the taxable year, 
‘‘(C) may not be made for any taxable year 
with respect to any portion of the credit deter-
mined under this section with respect to which 
an election is made under subsection (h), and 
‘‘(D) may be revoked only with the consent 
of the Secretary. 
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‘‘(5) REGULATIONS.—The Secretary shall pre-
scribe such regulations for purposes of this sub-
section as may be necessary or appropriate for de-
termining proper allocation to specified medical re-
search of the portion of any credit allowed to a tax-
payer for a taxable year under this section.’’. 
(b) CONFORMING AMENDMENT.—Section 1324(b) of 
title 31, United States Code, is amended by inserting 
‘‘41(i),’’ after ‘‘6428,’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2020. 
SEC. 305. EXCEPTION FROM PASSIVE LOSS RULES FOR IN-
VESTMENTS 
IN 
SPECIFIED 
MEDICAL 
RE-
SEARCH SMALL BUSINESS PASS-THRU ENTI-
TIES. 
(a) IN GENERAL.—Subsection (c) of section 469 of 
the Internal Revenue Code of 1986 is amended by redesig-
nating paragraphs (4) through (7) as paragraphs (5) 
through (8), respectively, and by inserting after paragraph 
(3) the following new paragraph: 
‘‘(4) SPECIFIED
MEDICAL
RESEARCH
ACTIVI-
TIES.— 
‘‘(A) IN GENERAL.—The term ‘passive ac-
tivity’ shall not include any qualified medical re-
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search activity of the taxpayer carried on by a 
specified medical research small business pass- 
thru entity. 
‘‘(B) TREATMENT OF LOSSES AND DEDUC-
TIONS.— 
‘‘(i) IN GENERAL.—Losses or deduc-
tions of a taxpayer in connection with 
qualified medical research activities carried 
on by a specified medical research small 
business pass-thru entity shall not be 
treated as losses or deductions, respec-
tively, from a passive activity except as 
provided in clause (ii) and subparagraph 
(C). 
‘‘(ii) LIMITATION.—Clause (i) shall 
apply to losses and deductions of a tax-
payer in connection with a specified med-
ical small business pass-thru entity for a 
taxable year only to the extent that the ag-
gregate losses and deductions of the tax-
payer in connection with qualified medical 
research activities of such entity for such 
taxable year do not exceed the portion of 
the taxpayer’s adjusted basis in the tax-
payer’s ownership interest in such entity 
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that is attributable to money or other 
property contributed— 
‘‘(I) in exchange for such owner-
ship interest, and 
‘‘(II) specifically for use in con-
nection with qualified medical re-
search activities. 
For purposes of the preceding sentence, 
the taxpayer’s basis shall not include any 
portion of such basis which is attributable 
to an increase in a partner’s share of the 
liabilities of a partnership that is consid-
ered under section 752(a) as a contribution 
of money. 
‘‘(C) TREATMENT OF CARRYOVERS.—Sub-
paragraph (B)(i) shall not apply to the portion 
of any loss or deduction that is carried over 
under subsection (b) into a taxable year other 
than the taxable year in which such loss or de-
duction arose. 
‘‘(D) QUALIFIED MEDICAL RESEARCH AC-
TIVITY.—For purposes of this paragraph, the 
term ‘qualified medical research activity’ means 
any qualified research (within the meaning of 
section 41(d)) with respect to qualified counter-
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