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Maintaining Investments in New Innovation Act
3/14/2024, 12:22 PM
Summary of Bill S 476
Bill 118 s 476, also known as the Maintaining Investments in New Innovation Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to support and encourage investment in new and innovative technologies in order to promote economic growth and competitiveness in the United States.
The bill includes provisions that would provide tax incentives for businesses and individuals who invest in research and development of new technologies. These incentives would help to offset the costs associated with developing and implementing new innovations, making it more attractive for companies to invest in these areas.
Additionally, the bill aims to streamline the process for obtaining patents and other intellectual property protections for new technologies. This would help to ensure that innovators are able to protect their inventions and benefit from their work without facing unnecessary delays or obstacles. Overall, the Maintaining Investments in New Innovation Act is designed to support and promote innovation in the United States, with the goal of driving economic growth and maintaining the country's competitive edge in the global marketplace.
The bill includes provisions that would provide tax incentives for businesses and individuals who invest in research and development of new technologies. These incentives would help to offset the costs associated with developing and implementing new innovations, making it more attractive for companies to invest in these areas.
Additionally, the bill aims to streamline the process for obtaining patents and other intellectual property protections for new technologies. This would help to ensure that innovators are able to protect their inventions and benefit from their work without facing unnecessary delays or obstacles. Overall, the Maintaining Investments in New Innovation Act is designed to support and promote innovation in the United States, with the goal of driving economic growth and maintaining the country's competitive edge in the global marketplace.
Congressional Summary of S 476
Maintaining Investments in New Innovation Act
This bill requires drug products with genetically targeted technology to have had market approval for at least 11 years in order to qualify for the Medicare Drug Price Negotiation Program. (The program requires the Centers for Medicare & Medicaid Services to negotiate the prices of certain prescription drugs under Medicare beginning in 2026. Among other requirements, drugs must have had market approval for at least 7 years (for drug products) or 11 years (for biologics) to qualify for negotiation.)
Read the Full Bill
Current Status of Bill S 476
Bill S 476 is currently in the status of Bill Introduced since February 16, 2023. Bill S 476 was introduced during Congress 118 and was introduced to the Senate on February 16, 2023. Bill S 476's most recent activity was Read twice and referred to the Committee on Finance. as of February 16, 2023
Bipartisan Support of Bill S 476
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
4Democrat Cosponsors
0Republican Cosponsors
4Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 476
Primary Policy Focus
HealthPotential Impact Areas
- Genetics
- Medicare
- Prescription drugs
Alternate Title(s) of Bill S 476
Maintaining Investments in New Innovation Act
Maintaining Investments in New Innovation Act
A bill to amend title XI of the Social Security Act to protect access to genetically targeted technologies.
Comments
Sponsors and Cosponsors of S 476
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