Fair Advertising and Increased Research (FAIR) Act

Senate Bill 2486 - Fair Advertising and Increased Research (FAIR) Act: Overview, Status, and Impact

Hozzl · 2023-01-16T01:47:36Z

Explore the details of Senate Bill 2486 Fair Advertising and Increased Research (FAIR) Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

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.

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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

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 2486

Primary Policy Focus

Taxation

Potential 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