Washington, DC (November 2, 2017) – Biotechnology Innovation Organization (BIO) Jim Greenwood released the following statement today regarding the Tax Cuts and Jobs Act:
“BIO applauds Chairman Brady and the House Ways & Means Committee for their dedication to pro-growth tax reform. Tax reform presents a unique, historic opportunity to stimulate American investment, support job creation, and promote life-saving innovation. The Tax Cuts and Jobs Act would lower America’s corporate tax rate, maintain the R&D Tax Credit, and move the U.S. to a territorial tax system, which will make the U.S. more competitive on the world stage and support domestic manufacturing and job creation. This reform is vital to maintaining American leadership in biotechnology innovation.
“As Congress debates and refines this important legislation, we look forward to working with lawmakers to ensure that our nation’s tax code most effectively encourages innovation, investment and American entrepreneurship. This would include maintaining the Orphan Drug Tax Credit, and the inclusion of incentives for pre-revenue innovation and for the development of advanced biofuels, renewable chemicals, and biobased products.”
About BIO
BIO is the premier biotechnology advocacy organization representing biotech companies, industry leaders, and state biotech associations in the United States and more than 35 countries around the globe. BIO members range from biotech start-ups to some of the world’s largest biopharmaceutical companies – all united by the same goal: to develop medical and scientific breakthroughs that prevent and fight disease, restore health, and improve patients’ lives. BIO also organizes the BIO International Convention and a series of annual conferences that drive partnerships, investment, and progress within the sector. Learn more at bio.org.
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