Doubling Tax Credit for Rare Disease Drug Development
Cameron's Law aims to double the tax credit for companies developing drugs for rare diseases. This means companies can deduct 50% of research costs from their taxes, up from the current 25%. This change is intended to encourage the creation of new medications, potentially improving access to treatments for those with rare conditions.
Key points
Increases the orphan drug tax credit from 25% to 50%.
Aims to incentivize pharmaceutical companies to invest in developing treatments for rare diseases.
The new rules will apply to tax years beginning after the law's enactment date.
Introduced
Citizen Poll