Bill Summary & Status for the 106th Congress

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S.2465
Sponsor: Sen Wellstone, Paul D. (introduced 4/26/2000)
Related Bills: H.R.3665
Latest Major Action: 4/26/2000 Referred to Senate committee
Title: A bill 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)
4/26/2000:
Read twice and referred to the Committee on Finance.
COMMITTEE(S):
RELATED BILL DETAILS:  (additional related bills may be indentified in Status)

AMENDMENT(S):

***NONE***

COSPONSORS(1), ALPHABETICAL [followed by Cosponsors withdrawn]:     (Sort: by date)

Sen Feingold, Russell D. - 5/23/2000

SUMMARY AS OF:
4/26/2000--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."