Us Congress House Bill HB5207

Us Congress 2023-2024 Regular Session

• Introduced: 8/15/23
• Refer: 8/15/23

Caption

To amend the Internal Revenue Code of 1986 to add a new medical research component to the credit for increasing research activities.

Impact

The bill is designed to provide financial support to businesses and organizations engaging in qualified medical research, specifically focusing on qualified countermeasures as defined in relevant public health legislation. By enhancing the financial incentives associated with medical research, the bill seeks to foster innovation and expedite the development of necessary medical solutions, particularly in response to public health emergencies.

Summary

House Bill HB5207 aims to amend the Internal Revenue Code of 1986 by introducing a new component for medical research expenditures to enhance the existing tax credit for increasing research activities. The amendment specifies that 14% of certain medical research expenditures will qualify for the tax credit. This addition is intended to incentivize research and development in critical areas, particularly related to health and medicine.

Contention

While the bill primarily aims to boost research activities, there may be points of contention regarding potential inequalities in access to these tax credits. Critics might raise concerns about the distribution of funds favoring larger corporations with the resources to extensive research over smaller entities or startups that may have innovative but less funded medical research projects. Additionally, questions could be raised about the effectiveness of tax credits in achieving meaningful advancements in medical research.