3.0.0 1773 2023-01-15T08:03:18Z 2023-01-15T08:03:18Z Senate S S 2003-10-22 108 ssfi00 Finance Committee Senate Standing Referred to 2003-10-22T17:03:15Z Biotechnology Future Investment Expansion Act of 2003 108 2968 HR 2003-07-25 Referred to the House Committee on Ways and Means. Related bill CRS 2003-10-22 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2003-10-22 Introduced in Senate IntroReferral 10000 9 Library of Congress S000059 Sen. Santorum, Rick [R-PA] RICK SANTORUM R PA N C000174 Sen. Carper, Thomas R. [D-DE] Thomas Carper D DE R. 2003-10-22 True H000338 Sen. Hatch, Orrin G. [R-UT] ORRIN HATCH R UT GRANT 2004-05-03 False A000121 Sen. Allen, George [R-VA] GEORGE ALLEN R VA F. 2004-09-07 False Taxation Accounting Capital gains tax Clinical trials Commerce Corporate debt Corporate finance Corporate reorganizations Corporation taxes Drug industry Finance and Financial Sector Health Income tax Investments Losses Pharmaceutical research Science, Technology, Communications Tax credits Tax exclusion Tax incentives Taxation 00 2003-10-22 Introduced in Senate 2003-11-05T18:22:56Z Biotechnology Future Investment Expansion Act of 2003 - Amends the Internal Revenue Code to provide that in the case of a biomedical research corporation, any owner shift involving a five-percent shareholder which occurs as the result of a qualified investment during the testing period shall be treated as occurring before the testing period. (Thus not counting toward net operating loss and tax credit carryover limitations.)

Defines: (1) "biomedical research corporation" as a domestic corporation not in bankruptcy which has a drug or biologic in certain clinical trials; and (2) "qualified investment" as a stock acquisition in a biomedical research corporation acquired in cash at its original issue.

Requires a biomedical research corporation to meet a five-year expenditure test with respect to any qualified investment.

]]> Biotechnology Future Investment Expansion Act of 2003 Display Title Biotechnology Future Investment Expansion Act of 2003 Official Title as Introduced A bill to permit biomedical research corporations to engage in certain equity financings without incurring limitations on net operating loss carryforwards and certain built-in losses, and for other purposes. Introduced in Senate IS Short Titles as Introduced Biotechnology Future Investment Expansion Act of 2003 Introduced in Senate 2003-10-22T04:00:00Z 2003-10-22 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.