To amend the Internal Revenue Code of 1986 to add a new medical research component to the credit for increasing research activities.

Bill 117 hr 7505, also known as the Medical Research Tax Credit Act, aims to amend the Internal Revenue Code of 1986 by adding a new medical research component to the existing credit for increasing research activities. This bill is designed to incentivize and support medical research efforts by providing tax credits to businesses and organizations engaged in medical research activities.

The proposed amendment would allow eligible businesses to claim a tax credit for a portion of the expenses incurred in conducting medical research. This credit would be in addition to the existing research and development tax credit, providing further support for companies investing in medical research.

The Medical Research Tax Credit Act seeks to encourage innovation and advancements in the field of medical research by making it more financially feasible for businesses to invest in these important endeavors. By providing tax incentives, the bill aims to spur growth and progress in the medical research industry, ultimately leading to improved healthcare outcomes and advancements in medical treatments. Overall, Bill 117 hr 7505 represents a bipartisan effort to support and promote medical research activities in the United States, with the goal of fostering innovation and progress in the field of healthcare.