BIO Applauds the U.S. House of Representatives for Passage of the American Research and Competitiveness Act
Washington, D.C. (May 21, 2015) - Today, the Biotechnology Industry Organization (BIO) applauds the House of Representatives for passing the American Research and Competitiveness Act of 2015 (H.R. 880) to make permanent the Research and Development Tax Credit.
The following can be attributed to Jim Greenwood, BIO's President and CEO:
"We strongly support making the R&D Tax Credit a permanent part of the tax code, not subject to yearly extensions, as it has played a vital role in supporting the search for cures and breakthrough medicines.
"By making this tax credit permanent, companies conducting their development programs will be able to estimate their tax liability and will not be burdened by the constant uncertainty regarding whether or not the R&D Tax Credit will be extended.
"This legislation will encourage investment in research-intensive businesses in a wide swath of industries, invigorating both biotech R&D and scientific progress being made by business innovators across the country. These research-intensive companies rely on private investment to support their groundbreaking R&D - and the investment dollars that fund the decade-long, billion-dollar biotech pipeline are supporting the next generation of breakthrough technologies.
"A permanent R&D Tax Credit would support and foster creation of the high-wage jobs associated with R&D in the biotechnology industry, as well as other sectors of our economy, and provide greater certainty and assist American biotechnology companies as they plan future research investments in the U.S.
"We commend Rep. Kevin Brady (R-TX) for sponsoring this bill and we look forward to working together to enact this critical legislation."
In addition, BIO supports the Partnerships to Advance Revolutionary Technology and Novel Entrepreneurial Research (PARTNER Act, HR 2179). The PARTNER Act would allow companies to partner with their investors on a specific research project or pipeline. Only start-up and small companies dedicated to R&D would be eligible to use these R&D Partnership Structures, so investors would be incentivized to invest at an earlier stage when the capital is most needed. Rep. Pat Meehan (R-PA) introduced the PARTNER Act (H.R. 2179), and the bill is co-sponsored by Reps. Richard Neal (D-MA), Mike Kelly (R-PA), Ron Kind (D-WI) and John Larson (D-CT).
For more information on BIO and the biotechnology industry, please visit www.bio.org.
Upcoming BIO Events
BioEquity Europe
May 19-20, 2015
Vienna, Austria
BIO Executive Training Courses
June 13-15, 2015
Philadelphia, PA
BIO International Convention
June 15-18, 2015
Philadelphia, PA
World Congress on Industrial Biotechnology
July 19-22, 2015
Montréal, Canada
BIO Latin America Conference
October 14-16, 2015
Rio de Janeiro, Brazil
BIO Investor Forum
October 20-21, 2015
San Francisco, CA
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