[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1988 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 1988

  To amend the Internal Revenue Code of 1986 to extend the qualifying 
                 therapeutic discovery project credit.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 25, 2011

Mrs. Davis of California (for herself and Ms. Schwartz) introduced the 
following bill; which was referred to the Committee on Ways and Means, 
  and in addition to the Committees on Appropriations and Energy and 
Commerce, for a period to be subsequently determined by the Speaker, in 
   each case for consideration of such provisions as fall within the 
                jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to extend the qualifying 
                 therapeutic discovery project credit.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Qualifying Therapeutic Discovery 
Project Tax Credit Extension Act of 2011''.

SEC. 2. EXTENSION OF QUALIFYING THERAPEUTIC DISCOVERY PROJECT CREDIT.

    (a) Limitation on Amount of Credits That May Be Allocated Under the 
Program.--Subparagraph (B) of section 48D(d)(1) of the Internal Revenue 
Code of 1986 is amended by striking ``2-year period beginning with 
2009'' and inserting ``7-year period beginning with 2009''.
    (b) Application of Subsection.--Paragraph (5) of section 48D(b) of 
the Internal Revenue Code of 1986 is amended by striking ``in a taxable 
year beginning in 2009 or 2010'' and inserting ``in any taxable year 
beginning in 2009 and ending in 2015''.
    (c) Grants for Qualified Investments in Therapeutic Discovery 
Projects in Lieu of Tax Credits.--
            (1) In general.--Paragraph (1) of section 9023(e) of the 
        Patient Protection and Affordable Care Act is amended by 
        striking ``during a taxable year beginning in 2009 or 2010'' 
        and inserting ``in any taxable year beginning during any of the 
        calendar years of 2009 through 2015''.
            (2) Application.--Paragraph (2) of section 9023(e) of such 
        Act is amended by adding at the end the following new 
        subparagraph:
                    ``(D) Taxable years beginning after 2010.--An 
                application for a grant under paragraph (1) for a 
                taxable year beginning after 2010 shall be submitted--
                            ``(i) not earlier than the day after the 
                        last day of the taxable year for which such 
                        application is submitted, and
                            ``(ii) not later than the due date 
                        (including extensions) for filing the return of 
                        tax for such taxable year.''.
            (3) Appropriations.--Paragraph (10) of section 9023(e) of 
        such Act is amended by striking ``such sums as may be 
        necessary'' and inserting ``$1,000,000,000 for each of fiscal 
        years 2011 through 2017''.
            (4) Termination.--Paragraph (11) of section 9023(e) of such 
        Act is amended by striking ``January 1, 2013'' and inserting 
        ``January 1, 2017''.
    (d) Effective Date.--The amendments made by this Act shall apply to 
amounts paid or incurred after December 31, 2010.

SEC. 3. RESCISSION OF UNSPENT FEDERAL FUNDS TO OFFSET LOSS IN REVENUES.

    (a) In General.--Notwithstanding any other provision of law, of all 
available unobligated funds equal to the amount required to implement 
this Act in appropriated discretionary funds are hereby rescinded.
    (b) Implementation.--The Director of the Office of Management and 
Budget shall determine and identify funding from appropriation accounts 
that has been deemed duplicative by the Government Accountability 
Office, and the rescission under subsection (a) shall apply and the 
amount of such rescission that shall apply to each such account. Not 
later than 60 days after the date of the enactment of this Act, the 
Director of the Office of Management and Budget shall submit a report 
to the Secretary of the Treasury and Congress of the accounts and 
amounts determined and identified for rescission under the preceding 
sentence.
                                 <all>