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Maintaining Investments in New Innovation Act
12/19/2024, 9:06 AM
Summary of Bill HR 5547
The Maintaining Investments in New Innovation Act, also known as Bill 118 hr 5547, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to support and encourage investment in new and innovative technologies in the United States.
One key provision of the bill is the establishment of a tax credit for companies that invest in research and development activities. This tax credit is designed to incentivize businesses to allocate more resources towards developing new technologies and products, which can help drive economic growth and competitiveness.
Additionally, the bill includes measures to streamline the process for obtaining patents and intellectual property rights, making it easier for innovators to protect their inventions and bring them to market. This is intended to encourage more individuals and companies to invest in research and development, knowing that their intellectual property will be adequately protected. Overall, the Maintaining Investments in New Innovation Act aims to foster a culture of innovation and entrepreneurship in the United States by providing incentives and support for companies and individuals engaged in research and development activities. If passed, this legislation could have a significant impact on the country's ability to remain at the forefront of technological advancement and economic growth.
One key provision of the bill is the establishment of a tax credit for companies that invest in research and development activities. This tax credit is designed to incentivize businesses to allocate more resources towards developing new technologies and products, which can help drive economic growth and competitiveness.
Additionally, the bill includes measures to streamline the process for obtaining patents and intellectual property rights, making it easier for innovators to protect their inventions and bring them to market. This is intended to encourage more individuals and companies to invest in research and development, knowing that their intellectual property will be adequately protected. Overall, the Maintaining Investments in New Innovation Act aims to foster a culture of innovation and entrepreneurship in the United States by providing incentives and support for companies and individuals engaged in research and development activities. If passed, this legislation could have a significant impact on the country's ability to remain at the forefront of technological advancement and economic growth.
Congressional Summary of HR 5547
Maintaining Investments in New Innovation Act
This bill requires drug products with genetically targeted technology to have had market approval for at least 11 years in order to qualify for the Medicare Drug Price Negotiation Program. (The program requires the Centers for Medicare & Medicaid Services to negotiate the prices of certain prescription drugs under Medicare beginning in 2026. Among other requirements, drugs must have had market approval for at least 7 years (for drug products) or 11 years (for biologics) to qualify for negotiation.)
Read the Full Bill
Current Status of Bill HR 5547
Bill HR 5547 is currently in the status of Bill Introduced since September 18, 2023. Bill HR 5547 was introduced during Congress 118 and was introduced to the House on September 18, 2023. Bill HR 5547's most recent activity was Referred to the Subcommittee on Health. as of December 17, 2024
Bipartisan Support of Bill HR 5547
Total Number of Sponsors
2Democrat Sponsors
2Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
7Democrat Cosponsors
2Republican Cosponsors
5Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 5547
Primary Policy Focus
HealthAlternate Title(s) of Bill HR 5547
Maintaining Investments in New Innovation Act
Maintaining Investments in New Innovation Act
To amend title XI of the Social Security Act to protect access to genetically targeted technologies.
Comments
Sponsors and Cosponsors of HR 5547
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