Biotechnology Future Investment Expansion Act of 2003
Latest action · Oct 22, 2003 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedOct 22, 2003
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 3
Members who signed on, in the order they did. Signatures ran from Oct 22, 2003 to Sep 7, 2004, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-DE | Thomas R. Carper | Original | Oct 22, 2003 |
| R-UT | Orrin G. Hatch | May 3, 2004 | |
| R-VA | George Allen | Sep 7, 2004 |
Actions 2
Everything that happened, newest first.
- Oct 22, 2003Introduced in Senate
- Oct 22, 2003Read twice and referred to the Committee on Finance.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 2968 | Biotechnology Future Investment Expansion Act of 2003 | Related bill | Jul 25, 2003 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Accounting
- Capital gains tax
- Clinical trials
- Commerce
- Corporate debt
- Corporate finance
- Corporate reorganizations
- Corporation taxes
- Drug industry
- Finance and Financial Sector
- Health
- Income tax
- Investments
- Losses
- Pharmaceutical research
- Science, Technology, Communications
- Tax credits
- Tax exclusion
- Tax incentives
- Taxation
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.