As the Ways and Means Committee begins to develop new tax legislation, it is imperative that they include policies to incentivize, or at a minimum remove obstacles that impede, the emerging biotechnology companies that are conducting life-changing and life-saving innovation.
The biotechnology industry is discovering groundbreaking cures and treatments for devastating diseases. It is also developing advanced biofuels, renewable chemicals, biobased products and improved agricultural products for everyday consumer products. Many early-stage innovative companies generate little revenue and do not have a tax liability. Therefore, tax rate reductions and the R&D Tax Credit do not have an immediate impact as they do for larger, profitable corporations.
According to the 2018 Bloomberg Innovation Index, America has recently fallen out of the top ten most innovative nations. For the United States to regain its status in the world as a leader of innovation, tax reform must support the growth of small business innovators and incentivize investment in breakthrough technologies. BIO believes the guiding principle of future tax reform should be the promotion of innovation.
One thing that we can all agree on is the need to give our children a fighting chance so they can lead long and productive lives. That is why it is critical to pass the bipartisan Give Kids a Chance Act and ensure the Pediatric Priority Review…
Dear Colleagues, This month marks my one-year anniversary as BIO's CEO. Like most of us in biotech, this post has been a labor of love. At no time in my 25-year career in this industry have I ever witnessed such awe-inspiring science. Today, we…
Re: BIO Comments on Office of Management and Budget (OMB) Statistical Policy Directive No. 8 North American Industry Classification System (NAICS)-Request for Comments on Possible Revisions for 2027 (USBC–2024–0032)Dear Ms. Orvis,The Biotechnology…
As the Ways and Means Committee begins to develop new tax legislation, it is imperative that they include policies to incentivize, or at a minimum remove obstacles that impede, the emerging biotechnology companies that are conducting life-changing and life-saving innovation.
The biotechnology industry is discovering groundbreaking cures and treatments for devastating diseases. It is also developing advanced biofuels, renewable chemicals, biobased products and improved agricultural products for everyday consumer products. Many early-stage innovative companies generate little revenue and do not have a tax liability. Therefore, tax rate reductions and the R&D Tax Credit do not have an immediate impact as they do for larger, profitable corporations.
According to the 2018 Bloomberg Innovation Index, America has recently fallen out of the top ten most innovative nations. For the United States to regain its status in the world as a leader of innovation, tax reform must support the growth of small business innovators and incentivize investment in breakthrough technologies. BIO believes the guiding principle of future tax reform should be the promotion of innovation.