Ways and Means Republicans are introducing new legislation to encourage development of new therapies and cures while strengthening our medical supply chain here in the U.S.
Ways and Means Republican Leader Kevin Brady (R-TX) heralded the introduction of these bills as “vital for America’s future.”
“Republicans know that America can and should be the world leader in developing a cure for COVID-19,” the Texas lawmaker said. “These bills are vital for America’s future in order to increase investment in American innovation – leading to more cures not just to COVID-19, but for any future health crisis our country may face.”
- Start-ups for Cures Act, sponsored by Ways and Means Health Subcommittee Republican Leader Devin Nunes (R-CA). This legislation removes the obstacles that prevent innovators from starting new companies and beginning work to cure diseases. It creates a research and development (R&D) incentive for small biotech companies who are engaged in infectious disease drug development.
- The More Cures Act, sponsored by Rep. Nunes. This bill creates bonus R&D incentives for companies engaged in infectious disease research.
- Infectious Disease Therapies Research and Innovation Act, sponsored by Rep. Mike Kelly (R-PA). This bill aims to create earlier investment and stronger research in critical therapies and vaccines. To achieve this, it amends the passive loss rules currently in the tax code. This will help these smaller firms raise private funds from more investors at an earlier stage. This bill is also the first legislative item urging medical innovation by someone who contracted and recovered from COVID-19.
- American Innovation Act, sponsored by Rep. Buchanan. This bill 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.
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