Ways & Means Republicans Reintroduce Legislation Supporting Treatments and Cures for Healthier Future
In an effort to secure medical supply chains and invest in the cures and treatment of the future, Ways and Means Republicans Rep. Vern Buchanan (R-FL), Leader of the Subcommittee on Health, Rep. Mike Kelly (R-PA), Leader of the Subcommittee on Select Revenue Measures, Rep. Drew Ferguson (R-GA), and Rep. Brad Wenstrup (R-OH), have reintroduced major legislation that ensures a healthier future for all Americans.
The American Innovation Act (Rep. Buchanan, cosponsored by Reps. Wenstrup and Kelly) aims to remove some of the initial barriers to creating a business, putting money back in the pockets of our country’s best job creators and setting start-ups on a path toward success.
- Makes it easier for America’s innovators to start new drug companies that can research and develop new cures and treatments by providing special tax treatment for start-up costs and by preserving valuable tax attributes like R&D credits.
- Passed the House in 2018 with broad bipartisan support.
The Start-ups for Cures Act (Rep. Buchanan, cosponsored by Rep. Kelly) allows small companies to put more of their capital toward working to prepare for the health care challenges of tomorrow.
- Removes the obstacles that prevent innovators from starting new companies and beginning work to cure diseases.
- Creates an R&D incentive for small biotech companies who are engaged in infectious disease drug development.
The More Cures Act (Rep. Buchanan, cosponsored by Rep. Kelly) creates a 14 percent bonus R&D tax credit for companies engaged in drug development research, particularly on new life-saving drugs and materials.
- Creates bonus R&D incentives for companies engaged in infectious disease research.
The Infectious Disease Therapies Research and Innovation Act (Rep. Kelly, cosponsored by Reps. Buchanan and Wenstrup) encourages earlier investment and stronger research in critical therapies and vaccines.
- The bill helps smaller firms raise private funds from more investors at an earlier stage.
- Amends the tax code to help smaller firms attract more investment earlier on in the R&D process.
The American-Made Medicine Act (Rep. Wenstrup, cosponsored by Reps. Buchanan, Ferguson, and Kelly) continues the resurgence in manufacturing started by the Tax Cuts and Jobs Act and focuses on enhancing Americans’ medical security with three tax credits.
- Domestic medical and drug manufacturing tax credit – lowers tax rate on the income from domestic manufacturing and sales of pharmaceutical ingredients to encourage domestic production of these important products.
- Advanced medical manufacturing equipment credit – creates a 30 percent investment tax credit for investments in equipment and machinery used to manufacture drugs and devices here in the U.S., regaining competitiveness with China and other foreign countries.
- Medical manufacturing EPA compliance credit – creates a 30 percent investment tax credit for equipment and property that is used to meet emissions standards under the Clean Air Act or Clean Water Act.