Qualifying Therapeutic Discovery Project Tax Credit Extension Act of 2013

Bill: 113-hr-3473
Sponsor: full_name: Rep. Davis, Susan A. [D-CA-53]
Introduced: 2013-11-13
Policy area: Taxation
Subjects: Business investment and capital

Income tax credits

Inflation and prices

Medical research
Latest action: action_date: 2013-11-13
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2013-11-13
action_desc: Introduced in House
text: <p>Qualifying Therapeutic Discovery Project Tax Credit Extension Act of 2013 - Amends the Internal Revenue Code to make permanent the authority to invest in and allocate credit amounts for a qualifying therapeutic discovery project (a project that is designed to: (1) treat or prevent diseases by conducting pre-clinical activities, clinical trials, and clinical studies or by carrying out research projects to approve new drugs or other biologic products; (2) diagnose diseases or conditions to determine molecular factors related to diseases or conditions; or (3) develop a product, process, or technology to further the delivery or administration of therapeutics). Extends the $1 billion allocation for such credit for each 2-year period beginning after 2013 and provides for a biennial inflation adjustment to such allocation amount after 2015.</p> <p><BR> </p>

tv_txt: I 113th CONGRESS 1st Session H. R. 3473 IN THE HOUSE OF REPRESENTATIVES November 13, 2013 Mrs. Davis of California (for herself, Ms. Schwartz , Mr. Vargas , Mr. Carson of Indiana , and Mr. Connolly ) 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 permanently extend the qualifying therapeutic discovery project credit, and for other purposes.

1. Short title This Act may be cited as the Qualifying Therapeutic Discovery Project Tax Credit Extension Act of 2013 . 2. Permanent extension of qualifying therapeutic discovery project credit (a) In general Subsection (b) of section 48D of the Internal Revenue Code of 1986 is amended by striking paragraph (5). (b) Allocation limitation (1) In general Subparagraph (B) of section 48D(d)(1) of such Code is amended by striking $1,000,000,000 for the 2-year period beginning with 2009. and inserting the following: $1,000,000,000— (i) for the 2-year period beginning with 2009, and (ii) for each 2-year period beginning after 2013. . (2) Inflation adjustment Subsection (d) of section 48D of such Code is amended by adding at the end the following new paragraph: (5) Inflation adjustment In the case of any allocations for any 2-year period beginning after 2015, the $1,000,000,000 amount contained in paragraph (1)(B) shall be increased by an amount equal to— (A) such dollar amount, multiplied by (B) the cost-of-living adjustment determined under section 1(f)(3) for the first calendar year in such 2-year period, determined by substituting calendar year 2014 for calendar year 1992 in subparagraph (B) thereof. Any increase determined under the preceding sentence shall be rounded to the next lowest multiple of $10,000,000. . (c) Effective date The amendments made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2013.