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Internal Revenue Code of 1986

The main body of tax law for the United States, outlining rules for income, excise, estate, and gift taxes.

Deduction

An expense that can be subtracted from income before calculating tax, which reduces the amount of taxes owed by a business or individual.

Direct-to-consumer advertising

Advertisements for products, such as prescription drugs, that are aimed directly at the general public, rather than exclusively at healthcare professionals.

Covered drug

A specific type of prescription drug product or certain compounded drugs as defined by federal food and drug laws, which are subject to the bill's provisions.

Taxable year

The annual accounting period (usually 12 months) that an individual or business uses for calculating their income taxes.

Sponsor

A company or entity responsible for the development, manufacturing, and marketing of a prescription drug product.