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Congressional Research Service
Version 00 · Introduced in Senate · Oct 22, 2003
Biotechnology Future Investment Expansion Act of 2003 - Amends the Internal Revenue Code to provide that in the case of a biomedical research corporation, any owner shift involving a five-percent shareholder which occurs as the result of a qualified investment during the testing period shall be treated as occurring before the testing period. (Thus not counting toward net operating loss and tax credit carryover limitations.)
Defines: (1) "biomedical research corporation" as a domestic corporation not in bankruptcy which has a drug or biologic in certain clinical trials; and (2) "qualified investment" as a stock acquisition in a biomedical research corporation acquired in cash at its original issue.
Requires a biomedical research corporation to meet a five-year expenditure test with respect to any qualified investment.
People & committees
Sen. Santorum, Rick [R-PA] · R–PA
Legislative record
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Read twice and referred to the Committee on Finance.
Introduced in Senate
Primary sources
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Source last updated: Aug 18, 2025. Consult Congress.gov for the current record.
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