Section 1 Short title
This Act may be cited as the “Qualifying Therapeutic Discovery Project Tax Credit Extension Act of 2013”.
Qualifying Therapeutic Discovery Project Tax Credit Extension Act of 2013
A BILL
To amend the Internal Revenue Code of 1986 to permanently extend the qualifying therapeutic discovery project credit, and for other purposes.
Sec. 2 Permanent extension of qualifying therapeutic discovery project credit
In general— Subsection (b) of section 48D of the Internal Revenue Code of 1986 is amended by striking paragraph (5).
Allocation limitation—
In general— Subparagraph (B) of section 48D(d)(1) of such Code is amended by striking “$1,000,000,000 for the 2-year period beginning with 2009.” and inserting the following:
“(i) for the 2-year period beginning with 2009, and
“(ii) for each 2-year period beginning after 2013.”
Inflation adjustment— Subsection (d) of section 48D of such Code is amended by adding at the end the following new paragraph:
“(5) Inflation adjustment—In the case of any allocations for any 2-year period beginning after 2015, the $1,000,000,000 amount contained in paragraph (1)(B) shall be increased by an amount equal to—
“(A) such dollar amount, multiplied by
“(B) the cost-of-living adjustment determined under section 1(f)(3) for the first calendar year in such 2-year period, determined by substituting “calendar year 2014” for “calendar year 1992” in subparagraph (B) thereof.”
Effective date— The amendments made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2013.