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HR 5206 United States House · 118th Congress

To amend the Internal Revenue Code of 1986 to make a portion of research credit refundable for certain small businesses engaging in specified medical research.

Summary
This bill allows for the refundability of a portion of the tax credit for increasing research activities for small businesses (gross receipts not exceeding $1 million) engaged in specified medical research. Under the Public Health Service Act, specified medical research means research with respect to qualified countermeasures (i.e., a drug, biological product, or device for preventing harm from any biological agent or from a condition that may result in adverse health consequences or death).
Issues: ✓ Budget & TaxesSupports Budget & TaxesMakes research tax credit refundable for small medical research businesses, providing direct tax relief to qualifying small entities under $1M gross receipts.95% confidence ✓ HealthcareSupports HealthcareBill provides refundable tax credits for small businesses conducting medical research on countermeasures for health threats, directly supporting healthcare innovation and development.90% confidence
Sub-Topics: Tax Credits Public Health
Bill status in committee 1 of 4 stages cleared
Introduction
Aug 2023
Committee Review
Floor Vote
President
Introduced Aug 15, 2023 Last action Aug 15, 2023
Floor votes

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Full legislative history

Actions timeline

Total actions
2
Key actions
0
Committee
1
Aug 15, 2023
Committee
Referred to the House Committee on Ways and Means.
lower
Aug 15, 2023
Introduced
Introduced in House
lower
1 primary · 2 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Vern Buchanan
Vern Buchanan
RRepublican
FL
16
Co
Photo of Brian K. Fitzpatrick
Brian K. Fitzpatrick
RRepublican
PA
1
Co
Photo of Mike Kelly
Mike Kelly
RRepublican
PA
16