Placeholder Banner

BIO Recommendations for Tax Reform 2.0 Package

July 9, 2018

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. 

Download Full Comments Below
House WM Tax 2.0 Letter 7.3 FINAL
Click below to read the full letter.
Discover More
We write as a coalition of advocates for the startup ecosystem to voice our strong support for the IGNITE American Innovation Act, legislation to support startups through the economic crisis by allowing companies to monetize tax assets generated…
The Biotechnology Innovation Organization (BIO) is pleased to respond to the U.S. Department of Agriculture’s (USDA) Solicitation of Input from Stakeholders on Agricultural Innovations. BIO applauds USDA for taking a proactive approach and seeking…
July 31, 2020 Re: Docket No. FDA–2020-N-0837: Raare Disease Clinical Trial Network; Request for Information. Dear Sir/Madam: The Biotechnology Innovation Organization (BIO) thanks the Food and Drug Administration (FDA or Agency) for the…