[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3473 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 3473

 To amend the Internal Revenue Code of 1986 to permanently extend the 
    qualifying therapeutic discovery project credit, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 13, 2013

 Mrs. Davis of California (for herself, Ms. Schwartz, Mr. Vargas, Mr. 
  Carson of Indiana, and Mr. Connolly) introduced the following bill; 
         which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to permanently extend the 
    qualifying therapeutic discovery project credit, and for other 
                               purposes.

    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 2013''.

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

    (a) In General.--Subsection (b) of section 48D of the Internal 
Revenue Code of 1986 is amended by striking paragraph (5).
    (b) Allocation Limitation.--
            (1) In general.--Subparagraph (B) of section 48D(d)(1) of 
        such Code is amended by striking ``$1,000,000,000 for the 2-
        year period beginning with 2009.'' and inserting the following: 
        ``$1,000,000,000--
                            ``(i) for the 2-year period beginning with 
                        2009, and
                            ``(ii) for each 2-year period beginning 
                        after 2013.''.
            (2) Inflation adjustment.--Subsection (d) of section 48D of 
        such Code is amended by adding at the end the following new 
        paragraph:
            ``(5) Inflation adjustment.--In the case of any allocations 
        for any 2-year period beginning after 2015, the $1,000,000,000 
        amount contained in paragraph (1)(B) shall be increased by an 
        amount equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment determined 
                under section 1(f)(3) for the first calendar year in 
                such 2-year period, determined by substituting 
                `calendar year 2014' for `calendar year 1992' in 
                subparagraph (B) thereof.
        Any increase determined under the preceding sentence shall be 
        rounded to the next lowest multiple of $10,000,000.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to amounts paid or incurred in taxable years beginning after 
December 31, 2013.
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