To amend the Internal Revenue Code of 1986 to make a portion of research credit refundable for certain small businesses engaging in specified medical research.

Bill 117 hr 7504, also known as the "Research Credit Refundability for Small Businesses Engaging in Medical Research Act," aims to amend the Internal Revenue Code of 1986 to allow certain small businesses conducting specified medical research to receive a refundable portion of the research credit.

The bill specifically targets small businesses that are engaged in medical research, providing them with the opportunity to receive a refundable portion of the research credit. This refundable portion of the credit would allow these small businesses to receive a cash refund for a portion of their research expenses, even if they do not have taxable income.

By making a portion of the research credit refundable, this bill aims to incentivize and support small businesses that are conducting important medical research. This could help spur innovation and advancements in the medical field, ultimately benefiting both the businesses and the broader public. Overall, Bill 117 hr 7504 seeks to support and encourage small businesses engaged in medical research by providing them with additional financial support through a refundable portion of the research credit.