U.S. Rep. Mike Kelly (R-PA) on Sept. 28 proposed bipartisan legislation that would address the root causes of mental health issues via public-private partnerships.
“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.”
Rep. Kelly is the lead original cosponsor of the Mental Health Research Accelerator Act, H.R. 5821, which is sponsored by U.S. Rep. Mike Thompson (D-CA) to incentivize private companies to partner with academic or nonprofit research institutions on conducting neurological and mental health research.
“I’m proud to work with my Ways and Means Committee colleague, Rep. Mike Thompson, on this vital legislation,” added Rep. Kelly.
If enacted, H.R. 5821 would provide $10 billion in allocable tax credits over a six-year period from 2023 through 2028 that would be made available to nonprofits, state and local agencies, and private companies that collaborate on neurological research, according to a bill summary provided by Rep. Kelly’s staff.
Under the bill, the credit would be capped at 25 percent of allowable expenses and would be a competitive credit allocated based on merit as determined by the U.S. Treasury Department, the summary says, noting that any credits not allocated by the end of the window would be returned to the Treasury Department unless Congress would extend the credit.
“By investing in brain research, we can break massive barriers to the treatment of the causes of mental health, not just the treatment of symptoms,” said Rep. Thompson. “There’s not enough money just to fund dealing with the symptoms and that does not solve the problem. We need to get ahead of the curve and make investments in mental health research to find out what we can do to stop symptoms from surfacing.”