Bill Overview
Title: To amend the Internal Revenue Code of 1986 to add a new medical research component to the credit for increasing research activities.
Description: This bill expands the tax credit for increasing research activities to add a new credit amount equal to 14% of specified medical research expenditures. The bill defines specified medical research expenditures as amounts paid or incurred for research with respect to any qualified countermeasure (i.e., a drug, biological product, or device determined to be a priority in protecting against harm from a biological agent or adverse health condition).
Sponsors: Rep. Buchanan, Vern [R-FL-16]
Target Audience
Population: People who may benefit from advances in medical research
Estimated Size: 332000000
- The bill incentivizes specific medical research by providing a tax credit.
- This could impact all individuals who benefit from advancements in medical treatments, as the bill encourages innovative research into drugs, biological products, or devices.
- This includes those who are at risk of or currently suffering from diseases and health conditions addressed by the qualified countermeasures.
- The research could lead to new treatments or preventive measures for various health conditions worldwide.
Reasoning
- The bill aims to promote innovation in medical research, potentially leading to new treatments or preventive measures that could enhance public health.
- The policy is restricted by a budget and targets expanding tax credits, notably for research aligned with protecting against harmful biological agents or health conditions.
- The simulated interviews consider individuals and families who may benefit directly through improved healthcare outcomes, as well as those indirectly affected due to broader advancements in healthcare.
- Within the US, the pharmaceutical and medical research industries are significant, suggesting high engagement and potential benefits for the population.
Simulated Interviews
Medical Research Scientist (Boston, MA)
Age: 35 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 3/20
Statement of Opinion:
- This policy will encourage more funding into crucial areas of medical research.
- It might allow my team to expand into new experimental treatments for antibiotic-resistant infections.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 9 | 6 |
| Year 10 | 9 | 5 |
| Year 20 | 8 | 5 |
Chronic Disease Patient (Los Angeles, CA)
Age: 60 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 20.0 years
Commonness: 2/20
Statement of Opinion:
- Innovative treatments are vital for my condition, more research means hope for better therapies.
- The tax credits might speed up the drug development processes, making treatments more accessible.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 8 | 5 |
| Year 20 | 7 | 5 |
Health Policy Analyst (Austin, TX)
Age: 50 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 20.0 years
Commonness: 2/20
Statement of Opinion:
- This policy could significantly boost public health innovations, translating to improved community health.
- Granting these tax credits will make the US a more competitive arena for medical research.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 7 |
Startup Entrepreneur in Biotech (San Francisco, CA)
Age: 28 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 3/20
Statement of Opinion:
- With the tax credits, investment in my startup could increase, opening doors for groundbreaking vaccine development.
- There's a chance for smaller, innovative companies to thrive under this policy.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 6 | 5 |
| Year 20 | 5 | 5 |
Hospital Administrator (Seattle, WA)
Age: 45 | Gender: other
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 4/20
Statement of Opinion:
- Increased medical research is likely to improve the availability of new treatments for our patients.
- The hospital might directly benefit from more clinical trials and partnerships with research institutions.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 5 |
Healthcare Technology Developer (Chicago, IL)
Age: 40 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 4/20
Statement of Opinion:
- This policy might lead to more partnerships with healthcare providers, advancing diagnostic technologies.
- Expanding research funding helps us innovate faster, impacting patient care.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 7 | 6 |
Retired, Cancer Survivor (Miami, FL)
Age: 68 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 5/20
Statement of Opinion:
- More funding for research could result in new treatments for cancer survivors like me.
- This policy aligns well with the need for continuous progress in medical research.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
Public Health Student (New York City, NY)
Age: 30 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 20.0 years
Commonness: 4/20
Statement of Opinion:
- Policies like this are crucial for future generations as they ensure continued support for essential research.
- The potential discoveries in infectious disease control are especially exciting.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 7 |
Biotech Investor (Houston, TX)
Age: 55 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 3/20
Statement of Opinion:
- This policy presents new opportunities for investment in cutting-edge biotechnologies.
- The tax credits could catalyze significant advances in medical research, potentially offering great returns.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 9 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 8 | 6 |
Retired Nurse (Denver, CO)
Age: 72 | Gender: female
Wellbeing Before Policy: 4
Duration of Impact: 5.0 years
Commonness: 3/20
Statement of Opinion:
- I'm hopeful that more research will improve healthcare services and patient outcomes.
- The policy should encourage continuity in evolving medical practices, which is crucial.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 4 |
| Year 2 | 5 | 4 |
| Year 3 | 5 | 4 |
| Year 5 | 6 | 4 |
| Year 10 | 5 | 4 |
| Year 20 | 5 | 4 |
Cost Estimates
Year 1: $1400000000 (Low: $1200000000, High: $1600000000)
Year 2: $1420000000 (Low: $1210000000, High: $1620000000)
Year 3: $1440000000 (Low: $1220000000, High: $1640000000)
Year 5: $1480000000 (Low: $1250000000, High: $1680000000)
Year 10: $1600000000 (Low: $1350000000, High: $1850000000)
Year 100: $2000000000 (Low: $1700000000, High: $2300000000)
Key Considerations
- Consider potential interactions with other tax incentives.
- The design of this credit will affect different research segments differently, potentially leading to varied outcomes across sectors.
- Recognition of the time it may take for research expenditures to result in tangible products is critical for evaluating long-term impacts.