Congressional Budget Update
Dec. 8, 2015
With the current Continuing Resolution (CR) set to expire on Dec. 11 and several tax credits expiring at the beginning of 2016, Congress is spending its last week of session working toward a number of must-pass measures to close out 2015.
Currently, congressional leaders are still hashing out a deal on a tax extenders package or a “cromnibus” bill – a combination of an omnibus spending bill and a CR – leaving open a number of questions as to what will ultimately be included in the final packages. Under negotiation are several provisions we support – for example, a permanent extension of the research & development tax credit, a full repeal of the medical device excise tax, and an extension of the rare pediatric disease priority review voucher program – and several more worrisome proposals – such as modifications to the orphan drug tax credit.
The package will also set funding levels for the federal government for FY 2016, including for important public health and research programs at agencies including the National Institutes of Health (NIH) and the U.S. Food and Drug Administration (FDA). Bipartisan, bicameral negotiations are ongoing and are expected to last through the weekend with a final package anticipated to be ready for consideration by the full House and Senate the week of Dec. 14.
For questions, please contact Jenny Carey, CLSA’s Director of Federal Government Relations and Alliance Development (email@example.com).