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United States · Bill · HR

H.R. 2968 (108th)

Biotechnology Future Investment Expansion Act of 2003

referredUnited States· United States Congress· EN

Introduced

25 July 2003

Last action

25 July 2003 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Rep. Reynolds, Thomas M. [R-NY-26], Rep. Cantor, Eric [R-VA-7], Rep. Matsui, Robert T. [D-CA-5], Sen. Cardin, Benjamin L. [D-MD], Rep. Holt, Rush [D-NJ-12], Rep. Hayworth, J. D. [R-AZ-5], Rep. Wamp, Zach [R-TN-3], Sen. Isakson, Johnny [R-GA], Rep. Murphy, Tim [R-PA-18], Rep. McInnis, Scott [R-CO-3], Rep. English, Phil [R-PA-3], Rep. Michaud, Michael H. [D-ME-2], Rep. Porter, Jon C. [R-NV-3], Rep. Price, David E. [D-NC-4], Rep. Dreier, David [R-CA-26], Rep. Camp, Dave [R-MI-4], Rep. Herger, Wally [R-CA-2], Rep. Jenkins, William L. [R-TN-1], Rep. Brady, Kevin [R-TX-8], Rep. Eshoo, Anna G. [D-CA-18], Rep. Cummings, Elijah E. [D-MD-7], Sen. Van Hollen, Chris [D-MD], Rep. Davis, Tom [R-VA-11], Rep. Frank, Barney [D-MA-4], Rep. Greenwood, James C. [R-PA-8], Rep. Sessions, Pete [R-TX-17], Rep. Goodlatte, Bob [R-VA-6], Rep. LaHood, Ray [R-IL-18], Rep. Peterson, Collin C. [D-MN-7], Rep. Gordon, Bart [D-TN-6], Rep. Filner, Bob [D-CA-51], Rep. Snyder, Vic [D-AR-2]

Subjects

Taxation

Source updated

18 August 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

Biotechnology Future Investment Expansion Act of 2003 - Amends the Internal Revenue Code to provide that in the case of a biomedical research corporation, any owner shift involving a five-percent shareholder which occurs as the result of a qualified investment during the testing period shall be treated as occurring before the testing period. (Thus not counting toward net operating loss and tax credit carryover limitations.) Defines: (1) "biomedical research corporation" as a domestic corporation not in bankruptcy which has a drug or biologic in certain clinical trials; and (2) "qualified investment" as a stock acquisition in a biomedical research corporation acquired in cash at its original issue. Requires a biomedical research corporation to meet a five-year expenditure test with respect to any qualified investment.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 25 July 2003

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 25 July 2003

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 25 July 2003

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 25 July 2003

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  • Introduced in House (PDF)

    Introduced in House · EN · 25 July 2003

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  • Introduced in House

    summary · EN · 25 July 2003

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Sponsors

Related records

Sources

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