[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 477 Introduced in Senate (IS)]
108th CONGRESS
1st Session
S. 477
To amend the Internal Revenue Code of 1986 to disallow deductions and
credits for companies who discriminate against Canadian pharmacies that
pass along discounts to consumers living in the United States.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 27, 2003
Mr. Feingold (for himself, Mr. Leahy, and Mr. Dayton) introduced the
following bill; which was read twice and referred to the Committee on
Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to disallow deductions and
credits for companies who discriminate against Canadian pharmacies that
pass along discounts to consumers living in the United States.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Preserving Prescription Drug
Discounts Act''.
SEC. 2. DISALLOWANCE OF CERTAIN TAX DEDUCTIONS AND CREDITS FOR
TAXPAYERS WHO DISCRIMINATE AGAINST CERTAIN PHARMACIES
SELLING DISCOUNT PRESCRIPTIONS DRUGS TO CONSUMERS LIVING
IN THE UNITED STATES.
(a) In General.--Part IX of subchapter B of chapter 1 of the
Internal Revenue Code of 1986 (relating to items not deductible) is
amended by adding at the end the following:
``SEC. 280I. DISALLOWANCE OF DEDUCTIONS AND CREDITS FOR TAXPAYERS WHO
DISCRIMINATE AGAINST CERTAIN PHARMACIES.
``(a) In General.--No deduction or credit shall be allowed for any
expenditure relating to research and development during the taxable
year for any taxpayer who discriminates against a qualified pharmacy in
the sale of prescription drugs.
``(b) Qualified Pharmacy.--For purposes of this section, the term
`qualified pharmacy' means any pharmacy located in Canada which sells
prescription drugs to consumers living in the United States.
``(c) Discrimination.--For purposes of this section, the term
`discriminate' means to publicly, privately, or otherwise refuse to do
business with a person on the basis that the person will pass along
discounts offered to the person to consumers living in the United
States.''.
(b) Conforming amendment.--The table of sections for such part IX
is amended by adding at the end the following:
``Sec. 280I. Disallowance of deductions and credits for
taxpayers who discriminate against certain
pharmacies.''.
(c) Effective Date.--The amendments made by this section shall
apply to amounts paid or incurred after the date of the enactment of
this Act.
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