A bill to amend the Internal Revenue Code of 1986 to deny tax benefits for research conducted by pharmaceutical companies where United States consumers pay higher prices for the products of that research than consumers in certain other countries.
Defines the term "disqualified gross receipts" to mean, with respect to any developed foreign country, gross receipts of the worldwide affiliated group from prescription drugs manufactured or produced by any member of such group and sold for use or consumption in such country if such gross receipts are at least five percent less than the amount which would be such gross receipts were such drugs sold at their respective average manufacturing prices charged by members of such group in the United States. Defines, in addition, the terms "developed foreign country," "applicable percentage," and "research-related tax benefits."
Referred to the House Committee on Ways and Means.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S2943-2944)
Read twice and referred to the Committee on Finance.
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