H.R. 194 PRESCRIPTION DRUG AFFORDABILITY ACT

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H.R. 194 PRESCRIPTION DRUG AFFORDABILITY ACT

Representative Ron Paul (TX-14) introduced H.R. 194, titled the Prescription Drug Affordability Act, on January 4, 2007. This legislation, if approved, would allow a nonrefundable tax credit for 80 percent of the amount paid for a prescribed drug during the taxable year (and not compensated for by insurance or otherwise) by a taxpayer who has attained social security retirement age. It would also repeal provisions restricting the importation of prescription drugs. Lastly, it also prohibits the Secretary of the FDA from taking any action against any of the persons involved with the interstate sale of a prescription drug through an Internet site if: (1) the sale was made in compliance with applicable Federal and State laws; and (2) accurate information regarding compliance with such laws is posted on the Internet site.

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February 2007