H.R. 7555: To amend the Internal Revenue Code of 1986 to add a new medical research component to the credit for increasing research activities.
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H.R. 7555: To amend the Internal Revenue Code of 1986 to add a new medical research component to the credit for increasing research activities.
116th Congress · introduced 2020-07-09 · Taxation · Latest: Referred to the House Committee on Ways and Means.
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Follow this bill, step by step
- Where it came from: introduced 2020-07-09 · official record
- Who proposed it: Rep. Nunes, Devin [R-CA-22] · what a sponsor is
- What happened next: no floor votes in our records yet. Why?
- Where it stands now: Referred to the House Committee on Ways and Means. Not final yet: this can still change. We check for updates every day.
- If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.
Official title
To amend the Internal Revenue Code of 1986 to add a new medical research component to the credit for increasing research activities.
Plain summary
This bill allows a new research tax credit amount for 14% of specified medical research expenditures. It defines specified medical research expenditures as amounts paid for any qualified research with respect to any qualified countermeasure. A qualified countermeasure is a drug, biological product, or device that is determined to be a priority (1) to diagnose, mitigate, prevent, or treat harm from any biological agent (including organisms that cause an infectious disease) or toxin, chemical, radiological, or nuclear agent that may cause a public health emergency affecting national security; (2) to diagnose, mitigate, prevent, or treat harm from a condition that may result in adverse health consequences or death and may be caused by administering a drug, biological product, or device; or (3) is a product or technology intended to enhance the use or effect of a drug, biological product, or device. The bill also sets forth a special rule for treatment of specified medical research expenditures paid or incurred in taxable years beginning before January 1, 2021.
Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.
What a vote does
A “Yea” vote
If it passes both chambers and is signed, it becomes law.
A “Nay” vote
If it is not passed, current law stays as it is.
PSI Sci description of the legislative step (not an opinion).
What does this mean? (plain words)
Official text
To amend the Internal Revenue Code of 1986 to add a new medical research component to the credit for increasing research activities.
Source: Congressional Research Service summary (Introduced in House)
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How did my representative vote? · This bill's floor votes
Officials and money
Sponsor: Rep. Nunes, Devin [R-CA-22] · 0 cosponsors
Cost estimate: No cost estimate published yet.
No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.
Words on this page, explained (3)
- Bill
- A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
- Rulemaking
- The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
- Securities
- Financial investments that can be bought and sold, such as stocks and bonds.
Plain meanings written from linked sources. All words.
Sources
- Congressional Research Service summary (Introduced in House)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-116hr7555.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/116/hr>
Record fed-us-cong116-hr7555 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116