Permanent Investment in Health Research Act of 2014 - Amends the Public Health Service Act to replace the current authorization of appropriations for the National Institutes of Health (NIH) with specified actual appropriations for FY2015-FY2024.
Appropriates $32 billion for FY2015, and for each of FY2016-FY2024 the amount for the preceding fiscal year adjusted by the percentage increase in nominal gross domestic product during the preceding calendar year.
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to add NIH to the list of programs and activities that are exempt from a sequestration. (A sequestration is a process of automatic, usually across-the-board spending reductions under which budgetary resources are permanently canceled to enforce specific budget policy goals.)