Sec. 304. Refundable portion of research credit for small businesses engaging in specified medical research

309 words·~1 min read·/bill/116/hr/11/ih/section-304

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Section 41 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: At the election of a medical research small business, the portion of the credit determined under this section for the taxable year which is properly allocable to specified medical research shall be treated (other than for purposes of section 280C) as a credit allowed under subpart C (and not this subpart). For purposes of this subsection, the term medical research small business means any domestic C corporation— which conducts any specified medical research during the taxable year, and the gross receipts of which (determined under the rules of subsection (c)) for the taxable year do not exceed $1,000,000.

For purposes of this subsection, the term specified medical research means any qualified research with respect to qualified countermeasures (as defined in section 319F–1(a)(2) of the Public Health Service Act (42 U.S.C. 247d–6a(a)(2))). Any election under this subsection for any taxable year— shall specify the amount of the credit to which such election applies, shall be made on or before the due date (including extensions) of the return of tax for the taxable year, may not be made for any taxable year with respect to any portion of the credit determined under this section with respect to which an election is made under subsection (h), and may be revoked only with the consent of the Secretary.

The Secretary shall prescribe such regulations for purposes of this subsection as may be necessary or appropriate for determining proper allocation to specified medical research of the portion of any credit allowed to a taxpayer for a taxable year under this section. . Section 1324(b) of title 31, United States Code, is amended by inserting 41(i), after 6428, . The amendments made by this section shall apply to taxable years beginning after December 31, 2020.

Connections1 off-index

1 reference not yet in our index

42 USC 247d–6a(a)(2)

Citation graph

cites case law

Sec. 304

Refundable portion of research credit for small businesses engaging in specified medical research

Cite42 USC 247d–6a(a)(2)

Cites 1Cited by 0 across 0 sources