WASHINGTON, D.C. — Ways and Means Tax Subcommittee Chairman Rep. Mike Kelly, R-Pa., and Subcommittee Ranking Member Rep. Mike Thompson, D-Calif., have 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 so that we can address the root causes of mental health issues.

“When it comes to addressing mental health access and care, we must utilize every tool in our toolbox,” 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.”

The Mental Health Research Accelerator Act provides $10 billion in allocable tax credits over a six-year period from 2023-2028. 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.