Good Day BIO: Startups, SAF tax credits, and Ron Swanson

Reintroduced in Congress Friday, the Helping Startups Continue to Grow Act (H.R. 3448) streamlines reporting requirements for Emerging Growth Companies so they can invest in innovation—which is especially helpful for biotech startups.

Reintroduced by Rep. Bryan Steil (R-WI), the Helping Startups Continue to Grow Act (H.R. 3448) gives Emerging Growth Companies (EGCs) more time to continue expanding and developing their product under streamlined disclosure and filing procedures—which is helpful for all startups, but especially for companies developing lifesaving drugs and medical devices.

How it works: The legislation would provide a five-year extension of certain exemptions and reduced disclosure requirements. Currently, EGCs can maintain EGC status for up to five years after they go public.  

Why it matters: Many EGCs are not generating enough revenue five years after becoming public to support the compliance costs that come with a loss of EGC status. With this five-year extension, startups would not have to spend time and money on bureaucratic regulations and burdensome compliance procedures meant for larger and more mature firms. Instead, these companies can focus on investing in communities, creating good-paying jobs, and developing products.  

BIO sent a letter thanking Rep. Steil for his attention to this issue—noting that the extension would help small public biotechs “free up more capital to hire scientific and technical talent, invest further in R&D and clinical development, and enhance their ability to deliver product candidates to patients suffering from various diseases.”

The Senate Finance Committee yesterday advanced the Clean Energy for America Act, which includes tax credits for biofuels tied to reductions in carbon emissions. Here’s what you need to know.

The Senate Finance Committee advanced the Clean Energy for America Act, a $259.5 billion package that would “overhaul the current menu of energy tax breaks, consolidating credits for renewable energy sources and offering incentives to any energy source that has no carbon emissions,” explains BloombergQuint.  

The bill overhauls the tax code for biofuels,as Agri-Pulse explains: “Fuels that are domestically produced and consumed could qualify for a credit worth up to $1 per gallon based on their carbon emissions. Fuels would have to have emissions at least 25% below the current national average until 2030, when eligible fuels would have to be at or near zero emissions.” 

And it includes a tax credit for blenders of sustainable aviation fuel. The Sustainable Aviation Fuel Amendment (page 22) was proposed by Sens. Sherrod Brown (D-OH) and Sheldon Whitehouse (D-RI), and is similar to the Sustainable Skies Act introduced in the House last week. (Sen. Brown discusses the amendment at 01:39:32.)   

Listen: A biofuel CEO joined the I am BIO Podcast to talk about how his company is creating jet fuel with zero carbon footprint.

It might surprise you.

In a rare moment of bipartisanship on Capitol Hill Wednesday, the House Energy & Commerce Oversight & Investigations Subcommittee put politics aside to discuss COVID-19 vaccine confidence—and heard from a variety of voices on how to ensure more Americans get their vaccine. 

The subcommittee members are “bipartisan in their strong urging of all Americans to get the vaccine," said Chair Diana DeGette (D-CO) in her encouraging remarks—watch around 00:30:56.

Practically speaking, what can we do to encourage uptake?   

Trust for America’s Health EVP and COO Dr. Nadine Gracia recommended providing evidence of scientific fidelity of the development process, ensuring easier access to vaccines through safe and convenient settings, and complete coverage of COVID-19 vaccine cost. 

Amy Pisani, Executive Director of Vaccinate Your Family, encouraged collaboration with trusted community stakeholders and working with immunization coalitions to develop new programs to increase vaccination rates in rural areas. 

BIO has been doing all of this—including working with trusted community partners and providing science-based vaccine facts.  

“The vaccine is not a miracle, the vaccine is a gift—from the world’s greatest scientists and thinkers and activists,” said actor Nick Offerman, best known as Ron Swanson on Parks and Recreation.  

“The hustle was not applied to the safety of the vaccine. The science didn’t arrive overnight—the science was based on 40 years of work,” he continued, adding that the speed was due to getting rid of “bureaucratic red tape.” 

Watch:

Do you have questions about the COVID-19 vaccines? Visit www.COVIDVaccineFacts.org.

More Health Care News:

FDA: FDA authorizes additional monoclonal antibody for treatment of COVID-19
The treatment, sotrovimab, was developed by BIO members GlaxoSmithKline and Vir.

President Biden’s Thursday: Heading to Cleveland, OH, where he will give remarks at Cuyahoga Community College on the economy. Meanwhile, he’s ordered U.S. intelligence agencies to investigate the origin of the coronavirus, reports The New York Times.

What’s Happening on Capitol Hill: A couple hearings of note, including Senate Agriculture on the nomination of Native American Agriculture Fund CEO Janie Hipp for USDA general counsel (9:30 AM ET) and House Science on the Energy Department’s research enterprise, with Energy Secretary Jennifer Granholm testifying (1 PM ET).