This bill, titled the "Innovate to Save Lives Act," amends the Internal Revenue Code of 1986 to introduce a new tax credit. This credit is specifically designed for small businesses engaged in research activities aimed at mitigating certain drug threats. The new provision adds a 10 percent credit for "qualified drug threat mitigation research expenses" to the existing research credit framework. This research must focus on discovering information related to mitigating or treating the effects of specified drugs, or preventing, diverting, or intervening in their use. Specified drugs include emerging drugs, fentanyl, fentanyl-related substances, and methamphetamine, with clinical research subject to NIH guidelines. The amendments will apply to taxable years beginning after the date of enactment. Furthermore, the Comptroller General is mandated to submit a report to Congress five years after enactment, detailing the amount of tax credits allowed and the types of research supported, while ensuring data anonymity.