BIO Statement on New Bill to Extend Therapeutic Discovery Project Tax Credit
Washington, DC (Thursday, May 24, 2012) – The Biotechnology Industry Organization (BIO) applauds Senator Robert Menendez (D-NJ) for introducing the “The Extension of the Therapeutic Discovery Project Tax Credit” (S. 3232), which will extend and improve the critical TDP program to support breakthrough medical discovery, innovation and job creation in American companies, and bolster America’s global competitiveness.
“The biotechnology industry is critical to America’s competitiveness in the 21st century economy. Biotech labs employ dedicated scientists and researchers, whose discoveries could lead to a groundbreaking cures for cancer, diabetes, Alzheimer’s, or HIV/AIDS,” said Senator Menendez. “Manufacturing these breakthrough therapies is already creating thousands of high-paying jobs, and extending this critical tax credit will not only create more good jobs here in America, but keep us at the forefront of life-saving innovation.”
BIO President and CEO Jim Greenwood released the following statement today:
“The legislation introduced today would support continued American innovation and accelerate the development of life-saving cures for numerous prominent diseases, such as cancers, mental illnesses, heart disease and Parkinson’s disease. The Therapeutic Discovery Project (TDP) was successful in advancing breakthrough medicines and creating economic stability and job growth. It is vitally important that we support the innovative companies that are driving our economy and combating devastating disease.
“In 2010, the TDP provided $1 billion in support to nearly 3,000 small companies across the country. As evidence of the program’s popularity suggests, Congress should extend it for two more years and beyond in order to support American innovation and speed the development of life-saving cures.
“This bill will extend and improve the TDP to allow more groundbreaking companies to invest in the medical breakthroughs of tomorrow and the jobs and economic growth that come with them. It also refines the program to ensure that taxpayer dollars go to the most deserving and innovative companies and projects with the most significant potential to meet the medical challenges that America faces.
“It is critical for the U.S. to maintain its leadership in biotechnology innovation and retain jobs in this country. The biotechnology industry is a thriving sector, directly and indirectly employing millions of Americans in high-quality jobs, and is an important growth engine for our economy. Leaders of American biotechnology companies say that the TDP will help them sustain or create high quality jobs by providing capital assistance that supports their work and their work force.
“BIO commends Senator Menendez for his continued efforts to extend this critical and much-needed program to support biotechnology innovation. We look forward to working with the Congress as they consider this important and timely legislation.”
For more information on the Therapeutic Discovery Project, including a series of videos highlighting the reasons why this program should be extended and expanded, please visit http://www.bio.org/category/therapeutic-discovery-project-credit.