,,ii  #aac? ,,congress  #a/ ,session    
,s4 #acf  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,janu>y #bd            
7legislative day1 ,janu>y #c71 #bjac    
,mr4 ,vitt] introduc$ ! foll[+ bill2 :i*
 0 read twice & ref]r$ to ! ,committee  
on ,f9ance  ,a ,,bill  ,to am5d !       
,int]nal ,rev5ue ,code ( #aihf to       
provide a ,f$]al income tax cr$it =     
c]ta9 /em cell rese>* exp5ditures4  #a4 
,%ort title ,?is ,act may be cit$ z !   
,e?ical ,/em ,cell ,rese>* ,tax ,cr$it  
,act ( #bjac4  #b4 ,cr$it = e?ical /em  
cell rese>*  7a7 ,9 g5]al ,subp>t ,d (  
"p ,,iv ( sub*apt] ,a ( *apt] #a ( !    
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new section3  
#de,s4 ,e?ical /em cell rese>*  7a7     
,all[ance ( cr$it ,= purposes ( section 
#ch1 9 ! case ( an eligible taxpay]1 !  
e?ical /em cell rese>* cr$it det]m9$ "u 
?is section = ! taxable ye> %all be an  
am\nt equal to #cj p]c5t ( ! qualifi$   
/em cell rese>* exp5ses paid or incurr$ 
by ! taxpay] dur+ ! taxable ye>4  7b7   

,eligible taxpay] ,= purposes ( ?is     
section1 ! t]m eligible taxpay] means   
any taxpay] t elects ! application ( ?is
 section = ! taxable ye>4  7c7 ,qualifi$
 /em cell rese>* exp5ses ,= purposes (  
?is section--  7#a7 ,9 g5]al ,! t]m     
qualifi$ /em cell rese>* exp5ses means  
exp5ses :i* are paid or incurr$ by !    
eligible taxpay] dur+ ! taxable ye> 9   
c>ry+ on basic & appli$ rese>* to       
develop te*niques = ! isolation1        
d]ivation1 production1 te/+1 & human    
cl9ical use ( /em cells t may result 9  
improv$ und]/&+ ( or treatm5ts =        
diseases & o!r adv]se heal? conditions1 
no "p ( :i* may involve--  7,a7 !       
creation ( a human embryo = rese>*      
purposes1  7,b7 ! de/ruction ( or       
disc>d+ (1 or risk ( injury to1 a human 
embryo1 or  7,c7 ! use ( any /em cell1 !
 d]ivation or provision ( :i* w\ld be   
inconsi/5t ) subp>agraph 7,a7 or 7,b74  
7#b7 ,human embryo ,! t]m human embryo  
means any organism n protect$ z a human 
subject "u "p #df ( title #de1 ,code (  

,f$]al ,regulations 7z 9 effect on !    
date ( ! enactm5t ( ?is section7 t is   
d]iv$ by f]tilization1 p>!nog5esis1     
clon+1 or any o!r means f "o or m human 
gametes or human diploid cells4  7#c7   
,risk ( injury ,! t]m risk ( injury     
means subject+ a human embryo to risk ( 
injury or dea? great] ?an t all[$ =     
rese>* on a fetus 9 ut]o "u section     
#dih7;b7 ( ! ,public ,heal? ,s]vice ,act
 7#db ,u4,s4,c4 #bhi;g7b77 7z 9 effect  
on ! date ( ! enactm5t ( ?is section7 & 
section #df4bjd7;b7 ( title #de1 ,code (
 ,f$]al ,regulations 7z s 9 effect74    
7d7 ,treatm5t ( qualifi$ /em cell rese>*
 exp5ses  7#a7 ,9 g5]al ,except z       
provid$ 9 p>agraph 7#b71 any qualifi$   
/em cell rese>* exp5ses = a taxable ye> 
to :i* an election "u ?is section       
applies %all n be tak5 into acc\nt =    
purposes ( det]m9+ ! cr$it all[able "u  
section #da = su* taxable ye>4  7#b7    
,treat$ z base p]iod rese>* exp5ses ,any
 qualifi$ /em cell rese>* exp5ses = any 
taxable ye> :i* are qualifi$ rese>*     

exp5ses 7)9 ! mean+ ( section #da7;b77  
%all be tak5 into acc\nt 9 det]m9+ base 
p]iod rese>* exp5ses = purposes ( apply+
 section #da to subsequ5t taxable ye>s4 
7e7 ,special rules  7#a7 ,limitation ,no
 cr$it %all be all[$ "u ?is section )   
respect to any /em cell rese>* conduct$ 
by a corporation to :i* an election "u  
section #icf applies4  7#b7 ,aggregation
 ( exp5ditures & allocations ( cr$it    
,rules simil> to ! rules ( p>agraphs    
7#a7 & 7#b7 ( section #da7;f7 & section 
#da7;g7 %all apply = purposes ( ?is     
section4  4  7b7 ,cr$it all[$ z "p (    
g5]al bus9ess cr$it ,section #ch7;b7 ( !
 ,int]nal ,rev5ue ,code ( #aihf is am5d$
 by /rik+ plus at ! end ( p>agraph      
7#ce71 by /rik+ ! p]iod at ! end (      
p>agraph 7#cf7 & ins]t+ 1 plus1 & by    
add+ at ! end ! foll[+ new p>agraph3    
7#cg7 ! e?ical /em cell rese>* cr$it    
det]m9$ "u section #de,s7a74  4  7c7    
,d5ial ( d\ble b5efit  7#a7 ,te*nical   
am5dm5t ,! second subsection 7g7 (      
section #bhj;,c ( ! ,int]nal ,rev5ue    

,code ( #aihf1 z add$ by section        
#adja7;b7 ( ! ,pati5t ,protection &     
,af=dable ,c>e ,act1 is r$esignat$ z    
subsection 7i74  7#b7 ,9 g5]al ,section 
#bhj;,c ( ! ,int]nal ,rev5ue ,code (    
#aihf1 z am5d$ by p>agraph 7#a71 is     
fur!r am5d$ by add+ at ! end ! foll[+   
new subsection3  7j7 ,e?ical /em cell   
rese>* cr$it  7#a7 ,9 g5]al ,no d$uction
 %all be all[$ = t portion ( ! qualifi$ 
/em cell rese>* exp5ses 7z def9$ 9      
section #de,s7c77#a77 o!rwise all[able z
 a d$uction = ! taxable ye> :i* is equal
 to ! am\nt ( ! cr$it det]m9$ = su*     
taxable ye> "u section #de,s7a74  7#b7  
,simil> rule :]e taxpay] capitalizes r  
?an d$ucts exp5ses ,if--  7,a7 ! am\nt (
 ! cr$it det]m9$ = ! taxable ye> "u     
section #de,s7a71 exce$s  7,b7 ! am\nt  
all[able z a d$uction = su* taxable ye> 
= qualifi$ /em cell rese>* exp5ses      
7det]m9$ )\t reg>d to p>agraph 7#a771  !
 am\nt *>geable to capital acc\nt = !   
taxable ye> = su* exp5ses %all be r$uc$ 
by ! am\nt ( su* excess4  7#c7          

,controll$ gr\ps ,p>agraph 7#c7 (       
subsection 7b7 %all apply = purposes (  
?is subsection4  4  7d7 ,cl]ical am5dm5t
 ,! table ( sections = subp>t ,d ( "p   
,,iv ( sub*apt] ,a ( *apt] #a ( !       
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new item3     
,sec4 #de,s4 ,e?ical /em cell rese>*4  4
  7e7 ,effective ,date ,! am5dm5ts made 
by ?is section %all apply to am\nts paid
 or incurr$ aft] ! date ( ! enactm5t (  
?is ,act4