New House Bill To Add 35% Tax Credit For Contracted Research
New House bill to add 35% tax credit for contracted research
A bipartisan bill that plans to allow a tax credit for expenses of contracted research—often done by CROs—has been introduced in the U.S. House of Representatives and was quickly hailed by the industry.
The H.R. 1234 bill, also referred to as the Domestic Research Enhancement Act of 2017, intends to amend the Internal Revenue Code of 1986 by adding a tax credit for 35% of research expenses incurred by those doing researches under contracts.
The bill was introduced by Rep. Patrick Meehan, R-Pa., and cosponsored by two North Carolina congressmen Republican Rep. George Holding and Democratic Rep. G. K. Butterfield.