,i  #aacth ,,congress  #b;d ,session    
,h4 ,r4 #ehbi  ,,in ,,the ,,house ,,of  
,,representatives  ,december #aj1 #bjad 
,mr4 ,lipinski introduced the following 
bill2 which was referred to the         
,committee on ,ways and ,means  ,a      
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to provide an exception 
for certain public-private research     
arrangements from the business use test 
for purposes of determining private     
activity bonds4  #a4 ,exception to      
business use test for certain           
public-private research arrangements    
7a7 ,in general ,section #ada7;b7 of the
 ,internal ,revenue ,code of #aihf is   
amended by adding at the end the        
following new paragraph3  7#aj7         
,exception for certain research         
arrangements  7,a7 ,in general          
,paragraph 7#a7 shall not apply to an   
issue if the proceeds of such issue are 
to be used under an arrangement relating
 to basic research at a facility--  7i7 
owned by a governmental unit or a       

#eja7;c77#c7 organization1 and  7ii7 the
 governmental unit or a #eja7;c77#c7    
organization enters into a bona fide1   
arm's-length contractual arrangement    
with a person other than a governmental 
unit or a #eja7;c77#c7 organization     
regarding the terms for sharing the     
economic benefits of any products       
resulting from basic research1 including
 arrangements in which those economic   
terms 7such as exclusive or             
non-exclusive licenses of intellectual  
property and licensing fees or royalty  
rates7 are determined in advance at the 
time the parties enter into the         
contractual arrangement4  7,b7 ,basic   
research ,for purposes of subparagraph  
7,a71 the term basic research means any 
original investigation for the          
advancement of scientific knowledge not 
having a specific commercial objective4 
4  7b7 ,effective date ,the amendment   
made by subsection 7a7 shall apply to   
research agreements entered into after  
the date of the enactment of this ,act4