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.

Hozzl · 2022-12-29T23:03:23Z

Explore the details of House Bill 7504 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. currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/29/2022, 11:03 PM

Summary of Bill HR 7504

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.

Congressional Summary of HR 7504

This bill allows for the refundability of a portion of the tax credit for increasing research activities for small businesses (gross receipts not exceeding $1 million) engaged in specified medical research. Under the Public Health Service Act, specified medical research means research with respect to qualified countermeasures (i.e., a drug, biological product, or device for preventing harm from any biological agent or from a condition that may result in adverse health consequences or death).

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Current Status of Bill HR 7504

Bill HR 7504 is currently in the status of Bill Introduced since April 14, 2022. Bill HR 7504 was introduced during Congress 117 and was introduced to the House on April 14, 2022. Bill HR 7504's most recent activity was Referred to the House Committee on Ways and Means. as of April 14, 2022

Bipartisan Support of Bill HR 7504

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 7504

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 7504

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.