To amend the Internal Revenue Code of 1986 to add a new medical research component to the credit for increasing research activities.

Referred to the House Committee on Ways and Means.

Congressional Research Service

Official summary

Version 00 · Introduced in House · Jul 9, 2020

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.

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People & committees

Who introduced it

Rep. Nunes, Devin [R-CA-22] · R–CA

Committees

Ways and Means Committee

0 cosponsorship records, including any withdrawals

Legislative record

Actions

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Jul 9, 2020
Referred to the House Committee on Ways and Means.
Jul 9, 2020
Referred to the Subcommittee on Select Revenue Measures.
Jul 9, 2020
Introduced in House
Jul 9, 2020
Introduced in House

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in House · Jul 9, 2020 Formatted Text PDF Formatted XML

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Source last updated: Jan 3, 2025. Consult Congress.gov for the current record.

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Objective

Analyze H.R.7555 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

View full prompt & sources

Discuss H.R.7555, 116th Congress: To amend the Internal Revenue Code of 1986 to add a new medical research component to the credit for increasing research activities.

Official record: https://www.congress.gov/bill/116th-congress/house-bill/7555

Text version to examine: Introduced in House · 2020-07-09.

Official full text: https://www.congress.gov/116/bills/hr7555/BILLS-116hr7555ih.htm

Imported record last updated by the source: 2025-01-03T03:33:10Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze H.R.7555 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine H.R.7555 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

View full prompt & sources

Discuss H.R.7555, 116th Congress: To amend the Internal Revenue Code of 1986 to add a new medical research component to the credit for increasing research activities.

Official record: https://www.congress.gov/bill/116th-congress/house-bill/7555

Text version to examine: Introduced in House · 2020-07-09.

Official full text: https://www.congress.gov/116/bills/hr7555/BILLS-116hr7555ih.htm

Imported record last updated by the source: 2025-01-03T03:33:10Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.7555 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine H.R.7555 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss H.R.7555, 116th Congress: To amend the Internal Revenue Code of 1986 to add a new medical research component to the credit for increasing research activities.

Official record: https://www.congress.gov/bill/116th-congress/house-bill/7555

Text version to examine: Introduced in House · 2020-07-09.

Official full text: https://www.congress.gov/116/bills/hr7555/BILLS-116hr7555ih.htm

Imported record last updated by the source: 2025-01-03T03:33:10Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.7555 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine H.R.7555 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss H.R.7555, 116th Congress: To amend the Internal Revenue Code of 1986 to add a new medical research component to the credit for increasing research activities.

Official record: https://www.congress.gov/bill/116th-congress/house-bill/7555

Text version to examine: Introduced in House · 2020-07-09.

Official full text: https://www.congress.gov/116/bills/hr7555/BILLS-116hr7555ih.htm

Imported record last updated by the source: 2025-01-03T03:33:10Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.7555 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.