1. Short title This Act may be cited as the Mental Health Research Accelerator Act of 2023 . 2. Expenses for certain translational research (a) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 45BB. Expenses for certain translational research (a) Allowance of credit For purposes of section 38, the translational research credit determined under this section for any taxable year shall be an amount equal to 25 percent of the amounts paid or incurred by the taxpayer during such taxable year which are necessary for translational research regarding neurodegenerative diseases and psychiatric conditions. (b) Limitation (1) Taxpayer limitation The credit allowed under this section to a taxpayer for a taxable year beginning in any calendar year shall not exceed the portion of the limitation amount allocated to the taxpayer under this subsection reduced by the amount of credit allowed to the taxpayer under this section for all prior taxable years. (2) Aggregate national limitation (A) In general There is a translational research credit limitation for each calendar year as follows: (i) $1,000,000,000 for 2024. (ii) $2,000,000,000 for each of years 2025 through 2028. (iii) $1,000,000,000 for 2029. (B) Allocation of limitation As expeditiously as possible, the Secretary shall allocate among applicants selected by the Secretary the limitation under subparagraph (A) for all years. (C) Carryover of unused limitation If the translational research credit limitation for any calendar year exceeds the aggregate amount allocated under subparagraph (A) for such year, such limitation for the succeeding calendar year shall be increased by the amount of such excess. (D) Regulations The Secretary shall (in consultation with the Secretary of Health and Humans Services, the Administrator of the Food and Drug Administration, and the Director of the National Institutes of Health) prescribe regulations as may be necessary to carry out the