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Fair Advertising and Increased Research (FAIR) Act
1/16/2023, 1:47 AM
Congressional Summary of S 2486
Fair Advertising and Increased Research Act - Amends the Internal Revenue Code to prohibit any drug manufacturer from taking a tax deduction for expenditures relating to the advertising, promoting, or marketing of any FDA prescription drug to the extent the aggregate amount of such expenditures exceeds the manufacturer's aggregate research and development expenditures.
Directs the Secretary of the Treasury to estimate amount of additional tax revenues raised by enforcement of the Act, to be allocated to the Federal Hospital Insurance Trust Fund.
Read the Full Bill
Current Status of Bill S 2486
Bill S 2486 is currently in the status of Bill Introduced since May 8, 2002. Bill S 2486 was introduced during Congress 107 and was introduced to the Senate on May 8, 2002. Bill S 2486's most recent activity was Sponsor introductory remarks on measure. (CR S6968-6969) as of July 18, 2002
Bipartisan Support of Bill S 2486
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
5Democrat Cosponsors
5Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 2486
Primary Policy Focus
TaxationPotential Impact Areas
- Advertising
- Appropriations
- Business income tax
- Commerce
- Drug industry
- Economics and Public Finance
- Government Operations and Politics
- Government trust funds
- Health
- Income tax
- Marketing
- Medicare
- Pharmaceutical research
- Research and development
- Sales promotion
- Science, Technology, Communications
- Social Welfare
- Tax deductions
Alternate Title(s) of Bill S 2486
Fair Advertising and Increased Research (FAIR) Act
A bill to amend the Internal Revenue Code of 1986 to limit the deduction for advertising of FDA approved prescription drugs by the manufacturer of such drugs to the level of such manufacturer's research and development expenditures, and for other purposes.
Fair Advertising and Increased Research (FAIR) Act
Comments
Sponsors and Cosponsors of S 2486
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