Tax Extenders Legislation Stimulates Biotech Investment and Supports Job Creation
Today, the Biotechnology Industry Organization (BIO) thanked Chairman Ron Wyden (D-OR), Ranking Member Orrin Hatch (R-UT) and all members of the Senate Finance Committee for marking up the Expiring Provisions Improvement Reform and Efficiency (Expire) Act. The EXPIRE Act would extend the important Research & Development Tax Credit for two years, as well as provide a two-year extension of the Second Generation Biofuel Producer Credit and the Special Depreciation Allowance For Second Generation Biofuel Plant Property.
BIO President & CEO Jim Greenwood made the following statement:
“The R&D Tax Credit is a vitally important incentive that spurs private-sector funding of searches for new cures and treatments in America. This search for new cures and treatments supports millions of high-paying jobs in the biotechnology sector, as 70 percent of credit dollars are used to support salaries. The R&D Tax Credit is pro-innovation, pro-growth, and pro-America, and we strongly support its extension.
“We also strongly support extension of the Controlled Foreign Corporation Look-Through Rule, allowing American companies, and the millions of hard-working Americans that make them strong, to compete effectively against foreign competitors in world markets.
“In addition, we welcome extension of the advanced biofuel credits. The advanced biofuel sector is creating jobs and economic growth opportunities, while producing cleaner, healthier fuels. We will continue to work with Committee members to encourage recognition of renewable chemicals in the tax code. Parity in the tax policy for this innovative technology would help add to the more than 8,000 jobs that commercial biorefineries across the United States have already created.
“BIO also believes that this legislation should take into account the interests of small, pre-revenue biotechnology companies, and we will continue to work with Committee members to explore such reforms.”