(BOSTON, MA) -- The Commissioner of the Connecticut Department of Economic and Community Development, Jim Abromaitis, received the BIO Outstanding State Executive of the Year Award today at the BIO 2000 International meeting and exhibition in Boston. The BIO State Government Relations Committee nominated Commissioner Abromaitis for his exemplary commitment to the biotechnology industry in Connecticut.
"Commissioner Abromaitis has been a stalwart advocate of the growing biotechnology cluster in Connecticut," said BIO President Carl B. Feldbaum. "His willingness to engage the participation of research institutions and industry representatives is a prime example of the growing public and private partnerships that are so successful in improving state economies."
"Commissioner Abromaitis was instrumental in securing legislation in 1999 that allows small companies to refund accrued research and development tax credits prior to becoming profitable," said Patrick Kelly, director of state government relations for BIO. "The legislation, part of Public Act 99-173, defines a 'qualified small business' as a company that has a gross income of less than $70 million a year. This type of refund program is invaluable for research intensive biotech companies that have not yet produced revenues from sales. It allows these companies to continue funding research by taking early options on their tax credits."
BIO represents more than 900 biotechnology companies, academic institutions and state biotechnology centers in 47 states and 26 nations. BIO members are involved in the research and development of healthcare, agriculture and environmental biotechnology centers.