An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Deduction

An expense that can be subtracted from a person's or company's taxable income, which reduces the amount of tax owed.

Internal Revenue Code (1986)

The main body of federal tax laws in the United States, which outlines how taxes are collected and what rules apply to taxpayers.

Direct-to-consumer advertising

Advertisements for products, in this case, prescription drugs, that are aimed directly at the general public, rather than at healthcare professionals.

Taxable year

The annual period used for calculating income tax; for most individuals, this is the calendar year (January 1 to December 31).

Covered entity

A specific type of organization, such as a drug sponsor or an owner of a drug compounding facility, that is subject to the rules of this bill.

Covered drug

A specific type of drug, such as a prescription drug or certain compounded drugs, that falls under the regulations outlined in this bill.

Conforming Amendment

A minor change made to existing law to ensure it is consistent with a new law or an amendment.