Thompson, Kelly Intoroduce Bipartisan Legislation to Incentivize and Accelerate Mental Health Research

Washington – Today, Reps. Mike Thompson (CA-05) and Mike Kelly (PA-16) introduced the Mental Health Research Accelerator Act to incentivize private companies, who have the resources to fund the research, to partner with academic or nonprofit research institutions on neurological and mental health research.

"Mental health affects the quality of life for Americans of all ages, and the COVID-19 pandemic has exacerbated this issue," said Thompson. "Neurological research will help us understand these issues further and by incentivizing a private-public partnership, we can ensure that this research can receive the funding it needs. I am glad to work alongside Rep. Kelly to support this research and help to accelerate its progress."

"Neurodegenerative diseases including multiple sclerosis, Parkinson's disease, Alzheimer's and Huntington's disease have had a devastating impact on many Americans and their families. More research on therapeutic advances against these diseases are needed to help the 50 million people that suffer worldwide," said Kelly.

The Mental Health Research Accelerator Act provides $10 billion in allocable tax credits over a six-year period (from 2022-2028). The credits are available to nonprofits, state and local agencies, and private companies who collaborate on neurological research.

Because of the high cost of neurological research, and the challenges in producing market-viable products, there is not enough investment in cutting edge neurological research. The credit is capped at 25 percent of allowable expenses and is a competitive credit to be allocated based on merit, as determined by the Treasury Department. Any credits not allocated by the end of the window are simply deemed moot and returned to Treasury unless the credit is extended by Congress.

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