H.R. 4573 — Innovate to Save Lives Act

This section establishes a new tax credit under Section 41(a)(4) of the Internal Revenue Code of 1986 equal to 10% of qualified drug threat mitigation research expenses for small businesses (as defined in Section 41(b)(3)(D)(iii)). Qualified drug threat mitigation research expenses are qualified research expenses related to discovering information for mitigating or treating effects of, or preventing, diverting, or intervening in the use of, specified drugs—i.e., emerging drugs designated under ONDCP authorities (21 U.S.C. 1708(c)), fentanyl, fentanyl-related substances (defined by specific structural modifications), or methamphetamine—excluding non-NIH-compliant clinical research. The credit applies to taxable years beginning after enactment of this Act and requires the GAO to report to Congress five years after enactment on credits claimed and types of research involved (using anonymous data without impeding such research).