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Tax Credits for Small Businesses on Drug Threat Research

This bill introduces new tax credits for small businesses conducting research aimed at combating drug threats like fentanyl and methamphetamine. The goal is to encourage the development of new methods for prevention, treatment, and intervention related to these substances, potentially improving public safety and health in communities.
Key points
Small businesses can receive a 10% tax credit for research expenses related to mitigating the effects of certain drug use.
Eligible research includes efforts to prevent, treat, or intervene in the use of specified drugs like fentanyl, methamphetamine, and emerging drugs.
The act aims to foster innovation in addressing the drug crisis, potentially leading to safer communities and better treatment options.
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Additional Information
Print number: 118_HR_6979
Sponsor: Rep. Neguse, Joe [D-CO-2]
Process start date: 2024-01-11
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

To amend the Internal Revenue Code of 1986 to provide a credit to small businesses for research activities related to the mitigation of certain drug threats.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_6979.

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 2024-01-11.

What are the main provisions?

Key points include:

  • Small businesses can receive a 10% tax credit for research expenses related to mitigating the effects of certain drug use.
  • Eligible research includes efforts to prevent, treat, or intervene in the use of specified drugs like fentanyl, methamphetamine, and emerging drugs.
  • The act aims to foster innovation in addressing the drug crisis, potentially leading to safer communities and better treatment options.
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. Neguse, Joe [D-CO-2].

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 2025-12-25.

CATEGORIES

Taxes Health