To amend the Internal Revenue Code of 1986 to extend the qualifying therapeutic discovery project credit.
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 ``Qualifying Therapeutic Discovery Project Tax Credit Extension Act of 2011''.
SEC. 2. EXTENSION OF QUALIFYING THERAPEUTIC DISCOVERY PROJECT CREDIT.
(a) Limitation on Amount of Credits That May Be Allocated Under the Program.--Subparagraph (B) of section 48D(d)(1) of the Internal Revenue Code of 1986 is amended by striking ``2-year period beginning with 2009'' and inserting ``7-year period beginning with 2009''. (b) Application of Subsection.--Paragraph (5) of section 48D(b) of the Internal Revenue Code of 1986 is amended by striking ``in a taxable year beginning in 2009 or 2010'' and inserting ``in any taxable year beginning in 2009 and ending in 2015''. (c) Grants for Qualified Investments in Therapeutic Discovery Projects in Lieu of Tax Credits.-- (1) In general.--Paragraph (1) of section 9023(e) of the Patient Protection and Affordable Care Act is amended by striking ``during a taxable year beginning in 2009 or 2010'' and inserting ``in any taxable year beginning during any of the calendar years of 2009 through 2015''. (2) Application.--Paragraph (2) of section 9023(e) of such Act is amended by adding at the end the following new subparagraph: ``(D) Taxable years beginning after 2010.--An application for a grant under paragraph (1) for a taxable year beginning after 2010 shall be submitted-- ``(i)...