The Innovate to Save Lives Act creates a new tax credit for small businesses that conduct research aimed at combating drug threats, specifically fentanyl, fentanyl-related substances, methamphetamine, and designated emerging drug threats. Small businesses engaged in qualified research to mitigate, treat, or prevent the use of these drugs would be eligible to claim a 10 percent tax credit on their research expenses. The bill excludes clinical research unless it follows National Institutes of Health guidelines, and it applies to tax years beginning after the bill's enactment. To assess the program's effectiveness, the Government Accountability Office must report to Congress within five years on the total amount of credits claimed and the types of research they supported, using anonymous data to avoid disrupting ongoing research.
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