Summary: H.R.1504 — 107th Congress (2001-2002)All Information (Except Text)

There is one summary for H.R.1504. Bill summaries are authored by CRS.

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Introduced in House (04/04/2001)

Vaccines for the New Millennium Act of 2001 - Amends the Internal Revenue Code to allow a limited business credit for the costs medical research related to developing vaccines against widespread diseases. Defines widespread diseases as malaria, tuberculosis, HIV, or any infectious disease (of a single etiology) which, according to the World Health Organization, causes over one million human deaths annually.

Allows a limited lifesaving vaccine sale credit equal to the amount of qualified vaccine sales. Defines qualified vaccine sales as the aggregate amount paid to the taxpayer for a qualified sale. Defines a qualified sale as a sale of a qualified vaccine: (1) to a nonprofit organization or to a government of any foreign country (or instrumentality of such a government); and (2) for distribution in a developing country.

Establishes the Lifesaving Vaccine Purchase Fund.

Expresses the sense of Congress concerning the manufacture, distribution, support for global efforts, and tiered pricing of vaccines.