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Refundable Research Credit for Small Medical Research Businesses

New rules allow small businesses doing medical research on countermeasures (like vaccines) to get a refund for part of their research tax credit, even if it's more than their tax bill. This aims to provide financial support to these companies, helping them fund further research.
Key points
Small businesses researching medicines and vaccines can get a refund for part of their research credit.
Applies to companies with gross receipts up to $1 million per year.
Changes are effective for tax years starting after 2021.
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Additional Information
Print number: 117_HR_7504
Sponsor: Rep. Buchanan, Vern [R-FL-16]
Process start date: 2022-04-14
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Summarized by: gemini-2.5-flash-preview-04-17
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

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.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7504.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-04-14.

What are the main provisions?

Key points include:

  • Small businesses researching medicines and vaccines can get a refund for part of their research credit.
  • Applies to companies with gross receipts up to $1 million per year.
  • Changes are effective for tax years starting after 2021.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Buchanan, Vern [R-FL-16].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Health