,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #ehba  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,septemb] #bh1        
#bjbc,mr4 ,?ompson ( ,cali=nia 7=       
himself & ,mr4 ,kelly ( ,p5nsylvania7   
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ways & ,means  ,a     
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf to provide = a cr$it aga9/
 tax = exp5ses = translational rese>*   
reg>d+ neurodeg5]ative diseases &       
psy*iatric conditions4  #a4 ,%ort title 
,?is ,act may be cit$ z ! ,m5tal ,heal? 
,rese>* ,accel]ator ,act ( #bjbc4  #b4  
,exp5ses = c]ta9 translational 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;,,bb4 ,exp5ses = c]ta9 translational
 rese>*  7a7 ,all[ance ( cr$it ,=       
purposes ( section #ch1 ! translational 
rese>* cr$it det]m9$ "u ?is section =   
any taxable ye> %all be an am\nt equal  
to #be p]c5t ( ! am\nts paid or incurr$ 

by ! taxpay] dur+ su* taxable ye> :i*   
are necess>y = translational rese>*     
reg>d+ neurodeg5]ative diseases &       
psy*iatric conditions4  7b7 ,limitation 
7#a7 ,taxpay] limitation ,! cr$it all[$ 
"u ?is section to a taxpay] = a taxable 
ye> beg9n+ 9 any cal5d> ye> %all n exce$
 ! portion ( ! limitation am\nt allocat$
 to ! taxpay] "u ?is subsection r$uc$ by
 ! am\nt ( cr$it all[$ to ! taxpay] "u  
?is section = all prior taxable ye>s4   
7#b7 ,aggregate national limitation     
7,a7 ,9 g5]al ,!re is a translational   
rese>* cr$it limitation = ea* cal5d> ye>
 z foll[s3 7i7 #a1jjj1jjj1jjj = #bjbd4  
7ii7 #b1jjj1jjj1jjj = ea* ( ye>s #bjbe  
?r\gh #bjbh4  7iii7 #a1jjj1jjj1jjj =    
#bjbi4  7,b7 ,allocation ( limitation ,z
 exp$iti\sly z possible1 ! ,secret>y    
%all allocate among applicants select$  
by ! ,secret>y ! limitation "u          
subp>agraph 7,a7 = all ye>s4  7,c7      
,c>ryov] ( unus$ limitation ,if !       
translational rese>* cr$it limitation = 
any cal5d> ye> exce$s ! aggregate am\nt 

allocat$ "u subp>agraph 7,a7 = su* ye>1 
su* limitation = ! succe$+ cal5d> ye>   
%all be increas$ by ! am\nt ( su*       
excess4  7,d7 ,regulations ,! ,secret>y 
%all 79 consultation ) ! ,secret>y (    
,heal? & ,humans ,s]vices1 !            
,adm9i/rator ( ! ,food & ,drug          
,adm9i/ration1 & ! ,director ( !        
,national ,in/itutes ( ,heal?7 prescribe
 regulations z may be necess>y to c>ry  
out ! purposes ( ?is section1 includ+   
e/abli%+ ! application process & !      
crit]ia = allocation "u subp>agraph     
7,b74 ,su* regulations %all include !   
foll[+3 7i7 ,am\nts %all be allocat$    
bas$ on sci5tific m]it4  7ii7 ,projects 
%\ld include all phases ( ! rese>*      
cont9uum4  7iii7 ,an emphasis on new    
!rapeutics & devices t>get$ at c5tral   
n]v\s sy/em disord]s & 9 ! neurological 
& psy*iatric fields4  7iv7 ,/&>ds =     
repurpos+ exi/+ drugs & devices = new   
purposes4  7v7 ,/&>ds = public-private  
p>tn]%ips ) priority giv5 to            
collaborative ef=ts & %>+ ( intellectual

 prop]ty held by tax exempt entities    
involv$ 9 ! project4  7c7 ,transf] (    
cr$it  7#a7 ,9 g5]al ,if1 ) respect to a
 cr$it "u subsection 7a7 = any taxable  
ye>-- 7,a7 a tax-exempt entity w\ld be !
 taxpay] 7b = ?is p>agraph71 &  7,b7 su*
 entity elects ! application ( ?is      
p>agraph = su* taxable ye> ) respect to 
all 7or any portion specifi$ 9 su*      
election7 ( su* cr$it1  ! eligible      
project p>tn] specifi$ 9 su* election1 &
 n ! tax-exempt entity1 %all be treat$ z
 ! taxpay] = purposes ( ?is title )     
respect to su* cr$it 7or su* portion    
!re(74  7#b7 ,def9itions ,= purposes (  
?is subsection-- 7,a7 ,tax-exempt entity
 ,! t]m tax-exempt entity means-- 7i7 a 
,f$]al1 ,/ate1 ,indian tribal gov]nm5t  
7z def9$ 9 section #ggja7;a77#d771 or   
local gov]nm5t entity1 or any political 
subdivision1 ag5cy1 or in/rum5tality    
!re(1 &  7ii7 an organization describ$ 9
 section #eja7;c77#c7 & exempt f tax "u 
section #eja7;a74  7,b7 ,eligible       
project p>tn] ,! t]m eligible project   

p>tn] means any p]son :o-- 7i7 is       
id5tifi$ 9 ! application = allocation ( 
cr$it "u ?is section z a project p>tn]1 
&  7ii7 p>ticipates 91 or provides fund+
 =1 ! rese>* ) respect to :i* limitation
 0 allocat$ by ! ,secret>y "u subsection
 7b74  7#c7 ,special rules  7,a7 ,9     
g5]al ,9 ! case ( a cr$it "u subsection 
7a7 :i* is det]m9$ at ! p>tn]%ip level--
 7i7 = purposes ( p>agraph 7#a77;,a71 a 
tax-exempt entity %all be treat$ z !    
taxpay] ) respect to su* entity's       
di/ributive %>e ( su* cr$it1 &  7ii7 !  
t]m eligible project p>tn] %all include 
any p>tn] ( ! p>tn]%ip4  7,b7 ,taxable  
ye> 9 :i* cr$it tak5 into acc\nt ,9 !   
case ( any cr$it 7or portion !re(7 )    
respect to :i* an election is made "u   
p>agraph 7#a71 su* cr$it %all be tak5   
into acc\nt 9 ! fir/ taxable ye> ( !    
eligible project p>tn] end+ )1 or aft]1 
! tax-exempt entity's taxable ye> )     
respect to :i* ! cr$it 0 det]m9$4  7d7  
,coord9ation ) cr$it = increas+ rese>*  
exp5ditures  7#a7 ,9 g5]al ,except z    

provid$ 9 p>agraph 7#b71 any exp5ses    
tak5 into acc\nt "u ?is section %all n  
be tak5 into acc\nt = purposes ( det]m9+
 ! cr$it all[able "u section #da = su*  
taxable ye>4  7#b7 ,exp5ses includ$ 9   
det]m9+ base p]iod rese>* exp5ses ,any  
exp5ses tak5 into acc\nt "u ?is section 
: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         
,t]m9ation ,no cr$it %all be all[$ "u   
?is section = any taxable ye> beg9n+    
aft] ,decemb] #ca1 #bjcc4  4  7b7       
,d$uction disall[$ ,section #bhj;,c (   
su* ,code is am5d$ by add+ at ! end !   
foll[+ new subsection3  7i7 ,cr$it =    
c]ta9 translational rese>* ,no d$uction 
%all be all[$ = t portion ( ! exp5ses   
tak5 into acc\nt "u section #de;,,bb    
o!rwise all[able z a d$uction = !       
taxable ye> :i* is equal to ! am\nt ( ! 
cr$it det]m9$ = su* taxable ye> "u su*  
section4  4  7c7 ,cr$it made "p ( g5]al 

bus9ess cr$it ,section #ch7;b7 ( !      
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ plus at ! end ( p>agraph 7#dj71
 by /rik+ ! p]iod at ! end ( p>agraph   
7#da7 & ins]t+ 1 plus1 & by add+ at !   
end ! foll[+ new p>agraph3  7#db7 !     
cr$it det]m9$ "u section #de;,,bb4  4   
7d7 ,cl]ical am5dm5t ,! table ( sections
 = subp>t ,d ( "p ,,iv ( sub*apt] ,a (  
*apt] #a ( su* ,code is am5d$ by add+ at
 ! end ! foll[+ new item3 ,sec4         
#de;,,bb4 ,exp5ses = c]ta9 translational
 rese>*44  7e7 ,effective date ,!       
am5dm5ts made by ?is subsection %all    
take effect on ! date ( ! enactm5t ( ?is
 ,act4