3.0.0 3264 2023-01-11T20:47:24Z 2023-01-11T20:47:24Z House H HR 2007-07-31 110 hswm00 Ways and Means Committee House Standing Referred to 2007-07-31T13:06:40Z 2007-08-02 Sponsor introductory remarks on measure. (CR E1689-1690) IntroReferral B00100 9 Library of Congress 2007-07-31 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2007-07-31 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-07-31 Introduced in House IntroReferral 1000 9 Library of Congress S001162 Rep. Schwartz, Allyson Y. [D-PA-13] Allyson Schwartz D PA Y. 13 N B000755 Rep. Brady, Kevin [R-TX-8] KEVIN BRADY R TX 8 2007-07-31 True N000015 Rep. Neal, Richard E. [D-MA-2] RICHARD NEAL D MA E. 2 2007-07-31 True H000528 Rep. Herger, Wally [R-CA-2] WALLY HERGER R CA 2 2007-07-31 True Taxation Biomedical engineering Clinical trials Commerce Drug industry Finance and Financial Sector Health Income tax Investment tax credit Investments Losses Medical research Orphan drugs Pharmaceutical research Research and development tax credit Science, Technology, Communications Small business Tax credits Tax deductions Tax deferral Taxation 00 2007-07-31 Introduced in House 2007-09-10T13:53:01Z American Life Sciences Competitiveness Act of 2007 - Amends the Internal Revenue Code to allow biomedical research corporations to: (1) engage in investment activity involving shifts in ownership without incurring limitations on net operating loss carryforwards; (2) claim a full research and development tax credit for contract research expenses (currently, limited to 65%); (3) claim a business tax credit for 20% of eligible countermeasures research expenses (for biomedical threats); and (4) claim a tax-free rollover of gain from stock sales reinvested in another biomedical research corporation.

Expands the tax credit for clinical testing expenses for drugs to treat rare diseases (orphan drugs) to include expenses incurred after an application is made to the Food and Drug Administration (FDA) but before receipt of an orphan drug designation.

Allows individual taxpayers a 20% tax credit for equity investments in small biomedical research firms engaged in incubational research (i.e., research conducted prior to large-scale clinical trials).

]]> American Life Sciences Competitiveness Act of 2007 Official Title as Introduced To amend the Internal Revenue Code of 1986 to modernize the tax treatment of biomedical research corporations. Introduced in House IH Display Title American Life Sciences Competitiveness Act of 2007 Short Titles as Introduced American Life Sciences Competitiveness Act of 2007 Introduced in House 2007-07-31T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr3264ih/xml/BILLS-110hr3264ih.xml 2007-08-02 Sponsor introductory remarks on measure. (CR E1689-1690) 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.