Innovate to Save Lives Act

This bill gives small businesses a new 10% federal tax credit for research that helps prevent or reduce harm from certain dangerous drugs, or treats the effects of their use. To qualify, the work must target fentanyl, fentanyl-related substances, methamphetamine, or any drug named an “emerging drug” threat by federal authorities. Clinical studies only count if they follow National Institutes of Health rules.

The credit starts for tax years that begin after the bill becomes law. After five years, the Government Accountability Office must report on how much credit was used and what kinds of research it supported, using anonymous data.

Key points:

• Who is affected: Small businesses doing qualifying drug-mitigation research.
• What changes: A 10% tax credit for “qualified drug threat mitigation research” in the federal tax code.
• Which drugs: Fentanyl, fentanyl-related substances, methamphetamine, and any drug designated as an “emerging drug” threat.
• When: Applies to tax years beginning after enactment; a federal report is due five years later.