Innovate to Save Lives Act
Summary
The "Innovate to Save Lives Act" aims to amend the Internal Revenue Code of 1986 by providing a tax credit to small businesses for research activities related to mitigating drug threats. This includes research on emerging drugs, fentanyl, fentanyl-related substances, and methamphetamine. The bill also mandates a GAO report five years after enactment to assess the impact of these tax credits.
Expected Effects
If enacted, this bill would incentivize small businesses to invest in research aimed at combating the opioid crisis and other drug-related issues. This could lead to the development of new treatments, prevention strategies, and intervention methods. The GAO report will provide data on the effectiveness of the tax credit in promoting such research.
Potential Benefits
- Encourages innovation in drug threat mitigation and treatment.
- Provides financial support to small businesses engaged in relevant research.
- Could lead to the development of new strategies for preventing and treating drug addiction.
- Focuses on addressing the opioid crisis and other emerging drug threats.
- The GAO report will provide valuable data for future policy decisions.
Potential Disadvantages
- The effectiveness of the tax credit in stimulating research is uncertain.
- The definition of "qualified drug threat mitigation research" may be subject to interpretation.
- The cost of the tax credit could potentially strain government resources.
- There may be unintended consequences or loopholes that could be exploited.
- The focus on small businesses may exclude larger research institutions with relevant expertise.
Constitutional Alignment
This bill appears to align with the general welfare clause of the Constitution (Preamble). Congress has the power to lay and collect taxes to provide for the general welfare of the United States. By incentivizing research into drug threat mitigation, the bill aims to address a significant public health issue, which can be argued as promoting the general welfare. The bill is also within the powers granted to Congress under Article I, Section 8, which allows Congress to make laws necessary and proper for carrying out its enumerated powers.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).