I 112th CONGRESS 1st Session H. R. 1988 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.

1.

Short title

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

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.

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.