,i  #aafth ,,congress  #b;d ,session    
,h4 ,r4 #geef  ,,in ,,the ,,house ,,of  
,,representatives  ,july #i1 #bjbj,mr4  
,nunes 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
 make a portion of research credit      
refundable for certain small businesses 
engaging in specified medical research4 
#a4 ,refundable portion of research     
credit for small businesses engaging in 
specified medical research  7a7 ,in     
general ,section #da of the ,internal   
,revenue ,code of #aihf is amended by   
adding at the end the following new     
subsection3  7i7 ,refundable portion for
 small businesses engaging in specified 
medical research  7#a7 ,in general ,at  
the election of a medical research small
 business1 the portion of the credit    
determined under this section for the   
taxable year which is properly allocable
 to specified medical research shall be 
treated 7other than for purposes of     

section #bhj;,c7 as a credit allowed    
under subpart ,c 7and not this subpart74
  7#b7 ,medical research small business 
,for purposes of this subsection1 the   
term medical research small business    
means any domestic ,c corporation-- 7,a7
 which conducts any specified medical   
research during the taxable year1 and   
7,b7 the gross receipts of which        
7determined under the rules of          
subsection 7c77 for the taxable year do 
not exceed #a1jjj1jjj4  7#c7 ,specified 
medical research ,for purposes of this  
subsection1 the term specified medical  
research means any qualified research   
with respect to qualified               
countermeasures 7as defined in section  
#cai;,f-#a7;a77#b7 of the ,public       
,health ,service ,act 7#db ,u4,s4,c4    
#bdg;d-#f;a7a77#b774  7#d7 ,election    
,any election under this subsection for 
any taxable year-- 7,a7 shall specify   
the amount of the credit to which such  
election applies1  7,b7 shall be made on
 or before the due date 7including      

extensions7 of the return of tax for the
 taxable year1  7,c7 may not be made for
 any taxable year with respect to any   
portion of the credit determined under  
this section with respect to which an   
election is made under subsection 7h71  
and  7,d7 may be revoked only with the  
consent of the ,secretary4  7#e7        
,regulations ,the ,secretary shall      
prescribe such regulations for purposes 
of this subsection as may be necessary  
or appropriate for determining proper   
allocation to specified medical research
 of the portion of any credit allowed to
 a taxpayer for a taxable year under    
this section4  4  7b7 ,conforming       
amendment ,section #acbd7;b7 of title   
#ca1 ,united ,states ,code1 is amended  
by inserting #da7;i71 after #fdbh14  7c7
 ,effective date ,the amendments made by
 this section shall apply to taxable    
years beginning after ,december #ca1    
#bjbj4