Bill Summary & Status for the 106th Congress

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H.R.3665
Sponsor: Rep Stark, Fortney Pete (introduced 2/15/2000)
Related Bills: S.2465
Latest Major Action: 2/15/2000 Referred to House committee
Title: To amend the Internal Revenue Code of 1986 to deny tax benefits for research conducted by pharmaceutical companies where United States consumers pay higher prices for the products of that research than consumers in certain other countries.
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TITLE(S):  (italics indicate a title for a portion of a bill)
STATUS: (color indicates Senate actions)
2/15/2000:
Referred to the House Committee on Ways and Means.
COMMITTEE(S):
RELATED BILL DETAILS:  (additional related bills may be indentified in Status)

AMENDMENT(S):

***NONE***

COSPONSORS(4), ALPHABETICAL [followed by Cosponsors withdrawn]:     (Sort: by date)

Rep Baldacci, John Elias - 4/13/2000 Rep Clement, Bob - 5/25/2000
Rep Crowley, Joseph - 6/8/2000 Rep Olver, John W. - 2/29/2000

SUMMARY AS OF:
2/15/2000--Introduced.

Prescription Price Equity Act of 2000 - Amends the Internal Revenue Code to deny, to any taxpayer who is a member of a worldwide affiliated group with any disqualified gross receipts from any developed foreign country, the applicable percentage of the research-related tax benefits.

Defines the term "disqualified gross receipts" to mean, with respect to any developed foreign country, gross receipts of the worldwide affiliated group from prescription drugs manufactured or produced by any member of such group and sold for use or consumption in such country if such gross receipts are at least five percent less than the amount which would be such gross receipts were such drugs sold at their respective average manufacturing prices charged by members of such group in the United States. Defines, in addition, the terms "developed foreign country," "applicable percentage," and "research-related tax benefits."