II 112th CONGRESS 2d Session S. 3232 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.
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.