[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 3232 Introduced in Senate (IS)]

112th CONGRESS
  2d Session
                                S. 3232

 To amend the Internal Revenue Code of 1986 and the Patient Protection 
 and Affordable Care Act to extend, expand, and improve the qualifying 
                 therapeutic discovery project program.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 23, 2012

 Mr. Menendez introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 and the Patient Protection 
 and Affordable Care Act to extend, expand, and improve the qualifying 
                 therapeutic discovery project program.

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

SECTION 1. EXTENSION AND EXPANSION OF QUALIFYING THERAPEUTIC DISCOVERY 
              PROJECT PROGRAM.

    (a) Extension.--
            (1) Tax credit.--Section 48D(b)(5) of the Internal Revenue 
        Code of 1986 is amended by striking ``beginning in 2009 or 
        2010'' and inserting ``beginning in 2009, 2010, 2011, or 
        2012''.
            (2) Grants.--
                    (A) In general.--Section 9023(e) of the Patient 
                Protection and Affordable Care Act is amended by 
                striking ``beginning in 2009 or 2010'' and inserting 
                ``beginning in 2009, 2010, 2011, or 2012''.
                    (B) Application deadline.--Paragraph (11) of 
                section 9023(e) of such Act is amended by striking 
                ``2013'' and inserting ``2014''.
                    (C) Conforming amendment.--Subparagraph (B) of 
                section 9023(e)(2) of such Act is amended by striking 
                ``in 2010'' each place it appears in the heading and 
                the text and inserting ``after 2009''.
            (3) Effective date.--The amendments made by this subsection 
        shall apply to investments made after December 31, 2010.
    (b) Expansion of Limitation.--Section 48D(d)(1)(B) is amended by 
striking ``shall not exceed $1,000,000,000 for the 2-year period 
beginning with 2009'' and inserting ``shall not exceed $2,000,000,000 
for the 4-year period beginning with 2009''.
    (c) Technical Improvements.--
            (1) Definition of qualifying projects.--
                    (A) Section 48D(c)(1)(B) of the Internal Revenue 
                Code of 1986 is amended by striking ``to diagnose 
                diseases or conditions or to determine molecular 
                factors'' and inserting ``to diagnose diseases or 
                conditions by determining molecular factors''.
                    (B) Section 48D(c)(1)(C) of such Code is amended to 
                read as follows:
                    ``(C) to develop a molecular technology to further 
                the delivery of therapeutics.''.
            (2) Extension of time for review of applications.--Section 
        48D(d)(2)(B) of the Internal Revenue Code of 1986 is amended by 
        striking ``30 days'' and inserting ``90 days''.
            (3) Extension of time for payment of grants.--Section 
        9023(e)(3)(A) of the Patient Protection and Affordable Care Act 
        is amended by striking ``30-day period'' and inserting ``90-day 
        period''.
            (4) Selection criteria.--Section 48D(d)(3)(A) of the 
        Internal Revenue Code of 1986 is amended by striking ``projects 
        that show reasonable potential'' and inserting ``projects that 
        show significant potential''.
            (5) Sense of the senate regarding state taxation of 
        grants.--Section 9023(e) of the Patient Protection and 
        Affordable Care Act is amended by adding at the end the 
        following new paragraph:
            ``(13) Sense of the senate regarding state taxation of 
        grants.--It is the Sense of the Senate that any grant awarded 
        under this subsection should not be subject to tax under State 
        laws.''.
            (6) Effective dates.--
                    (A) Definition of qualifying project.--The 
                amendments made by paragraph (1) shall take effect on 
                the date of the enactment of this Act.
                    (B) Other provisions.--The amendments made by 
                paragraphs (2), (3), and (4) shall apply to 
                applications submitted after the date of the enactment 
                of this Act.
                                 <all>