H.R.2968 - Biotechnology Future Investment Expansion Act of 2003 108th Congress (2003-2004)
Summary: H.R.2968 — 108th Congress (2003-2004)
Introduced in House (07/25/2003)
Biotechnology Future Investment Expansion Act of 2003 - Amends the Internal Revenue Code to provide that in the case of a biomedical research corporation, any owner shift involving a five-percent shareholder which occurs as the result of a qualified investment during the testing period shall be treated as occurring before the testing period. (Thus not counting toward net operating loss and tax credit carryover limitations.)
Defines: (1) "biomedical research corporation" as a domestic corporation not in bankruptcy which has a drug or biologic in certain clinical trials; and (2) "qualified investment" as a stock acquisition in a biomedical research corporation acquired in cash at its original issue.
Requires a biomedical research corporation to meet a five-year expenditure test with respect to any qualified investment.