Sec. 13401. Modification of orphan drug credit
204 words·~1 min read·
/bill/115/hr/1/unknown/section-13401A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subsection
(a)of section 45C is amended by striking 50 percent and inserting 25 percent . Subsection
(b)of section 280C is amended by redesignating paragraph
(3)as paragraph
(4)and by inserting after paragraph
(2)the following new paragraph: In the case of any taxable year for which an election is made under this paragraph— paragraphs
(1)and
(2)shall not apply, and the amount of the credit under section 45C(a) shall be the amount determined under subparagraph (B). The amount of credit determined under this subparagraph for any taxable year shall be the amount equal to the excess of— the amount of credit determined under section 45C(a) without regard to this paragraph, over the product of— the amount described in clause (i), and the maximum rate of tax under section 11(b). An election under this paragraph for any taxable year shall be made not later than the time for filing the return of tax for such year (including extensions), shall be made on such return, and shall be made in such manner as the Secretary shall prescribe. Such an election, once made, shall be irrevocable. . The amendments made by this section shall apply to taxable years beginning after December 31, 2017.