THOMPSON, KELLY INTRODUCE BIPARTISAN MENTAL HEALTH RESEARCH ACCELERATOR ACT

Washington – Ways and Means Tax Subcommittee Ranking Member Rep. Mike Thompson (CA-04) and Subcommittee Chairman Rep. Mike Kelly (PA-16) re-introduced the bipartisan Mental Health Research Accelerator Act to incentivize private companies with financial resources to collaborate with academic or nonprofit research institutions on neurological and mental health research to tackle the root causes of mental health conditions.

"Investing in brain research is key to addressing the root causes of mental health conditions, not just managing the symptoms," said Rep. Thompson. "Mental illness is often at the core of challenges like homelessness, substance abuse, and workplace struggles. Simply funding symptom management isn’t enough—we must get ahead of the problem by advancing research that can prevent these issues from arising in the first place. I’m proud to partner with Rep. Kelly to support this critical work and help drive meaningful progress."

"When it comes to addressing mental health access and care, we must utilize every tool in our toolbox," Rep. Kelly said. "This new legislation allows us to make America's tax system work for the American people by incentivizing research partnerships into brain health. I'm proud to work with my Ways and Means Committee colleague, Rep. Mike Thompson, on this vital legislation."

“Today, more than 60 million Americans suffer from a mental illness. Recent work by Price Water House Coopers estimated that the economic burden of mental illness was more than $1 trillion annually, not counting the value of human life associated with the almost 50,000 deaths by suicide. Research from the pharmaceutical industry has moved away from mental illness drugs because of the cost and risks involved. H.R. 2085 will provide necessary economic incentives for industry to partner with research universities across our country to engage in public-private partnerships that will have the potential to find new drugs and treatments but also to provide new jobs. This is a non-partisan issue and merits the support of everyone,” said Garen Staglin, Founder of the One Mind Foundation.

BACKGROUND

The Mental Health Research Accelerator Act provides $10 billion in allocable tax credits over a six-year period. 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.

Read the full text of the bill here.