H.R. 3264 would amend the Internal Revenue Code of 1986 to modernize the tax treatment of biomedical research corporations.

== Detailed Summary ==

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(Log in to editAmerican Life Sciences Competitiveness Act of 2007 - Amends the wikiInternal Revenue Code to allow biomedical research corporations to: (1) engage in investment activity involving shifts in ownership without incurring limitations on net operating loss carryforwards; (2) claim a full research and be the firstdevelopment tax credit for contract research expenses (currently, limited to provide65%); (3) claim a detailed summarybusiness tax credit for 20% of eligible countermeasures research expenses (for biomedical threats); and (4) claim a tax-free rollover of gain from stock sales reinvested in another biomedical research corporation.

Expands the bill!)tax credit for clinical testing expenses for drugs to treat rare diseases (orphan drugs) to include expenses incurred after an application is made to the Food and Drug Administration (FDA) but before receipt of an orphan drug designation.

Allows individual taxpayers a 20% tax credit for equity investments in small biomedical research firms engaged in incubational research (i.e., research conducted prior to large-scale clinical trials).
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== Status of the Legislation ==

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(Log inLatest Major Action: 7/31/2007: Referred to House committee. Status: Referred to edit the wikiHouse Committee on Ways and be the first to update the status of the bill!)Means.
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== Points in Favor ==

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== Points Against ==

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