A bill to amend the Internal Revenue Code of 1986 to impose a discriminatory profits tax on pharmaceutical companies which charge prices for prescription drugs to domestic wholesale distributors that exceed the most favored customer prices charged to foreign wholesale distributors.

Summary

Amends the Internal Revenue Code to impose a tax equal to ten percent of the taxable income of a taxpayer who: (1) has any gross income attributable to the manufacture or production of prescription drugs; and (2) fails to include with its tax return a signed statement declaring that it is the taxpayer's policy not to directly or indirectly charge any U.S. wholesale distributor a higher unit price for any bulk purchase of a prescription drug than the most favored customer price it directly or indirectly charges any wholesale distributor located in any covered foreign country for any bulk purchase of such drug.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 25 September 2000

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 25 September 2000

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 25 September 2000

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.