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.
We, the undersigned, are writing to express our strong concern with a proposed update to the Medicaid Drug Rebate Program. If finalized in its current form, the proposed rule (CMS-2434-P) would impose significant costs to the government and industry…
The Biotechnology Innovation Organization (BIO) appreciates the opportunity to comment on the U.S. Senate Committee on Health, Education, Labor, and Pensions’ (Committee’s) Request for Information on Improving and Protecting Access to Gene Therapies…
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.