University-Industry Technology Development Act

Summary

University-Industry Technology Development Act - Directs the Secretary of Commerce to establish programs for the selection of: (1) University Technology Development Programs to provide incentives and assistance to universities seeking to develop programs to foster commercially promising basic research; and (2) University-Industry Technology Partnerships to provide incentives and assistance for businesses and universities to enter into partnerships to develop commercial applications for new technologies and processes. Sets forth application requirements and selection criteria. Directs the Secretary to select between ten and 25 meritorious proposals as University Technology Development Programs or University-Industry Technology Partnerships annually and to provide financial and technical assistance to such programs. Requires private business participants to contribute at least 50 percent of the capital requirements of the partnership and universities to contribute at least 25 percent of the capital requirements of the technology development program. Amends the Internal Revenue Code to authorize partnerships to establish technology partnership accounts. Establishes a ceiling on deposits into such accounts. Permits amounts in such accounts to be invested only in interest-bearing securities or in the stock of domestic corporations (subject to the Secretary of the Treasury's approval and a percentage limitation). Provides for the nontaxability of deposits. Requires capital, capital gain, and ordinary income subaccounts to be established in such accounts. Sets forth the tax treatment of qualified and nonqualified withdrawals from accounts. Treats amounts not withdrawn from the account after a period of ten taxable years as nonqualified withdrawals subject to taxation. Establishes a technology partnership investment tax credit. Excludes the applicable percentage of any long-term capital gain recognized on the sale or exchange of a technology program investment held for more than five years from gross income. Requires all cooperative activities and joint ventures in furtherance of the goals of a University Technology Development Program or a University-Industry Technology Partnership to be judged by the rule of reason in any Federal or State antitrust action. Limits damages in such actions to actual damages and attorney's fees. Authorizes programs or partnerships to seek antitrust rulings by the Secretary of Commerce on proposed activities.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 26 April 1993

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• Introduced in House (PDF)

  Introduced in House · EN · 26 April 1993

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• Introduced in House

  summary · EN · 26 April 1993

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