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U.S. Reps. Allyson Schwartz (D-PA), Bill Pascrell (D-NJ), Devin Nunes (R-CA), and Kevin Brady (R-TX) introduced bipartisan legislation today that will provide tax incentives for small and mid-sized businesses to invest in life sciences research and development on a targeted basis. The Life Sciences Jobs and Investment Act of 2010 provides an opportunity to enhance medical innovation, life sciences education and job creation in the United States.
Investing in Life Sciences in the United States means:
* Hiring additional scientists, researchers, and comparable personnel engaged in life sciences research;
* Making new investments in research at American universities and post-graduate institutions, state-sponsored incubators, and comparable scientific organizations; and
* Investing in new laboratory and related life sciences research facilities.
“Research and development in life sciences generates high quality jobs and keeps America on the cutting edge of global competitiveness,” Schwartz said. “This legislation will help direct funds to universities and research centers, as well as to private companies that would build additional research parks here in America. Investing in this research is particularly beneficial for Philadelphia, where the life sciences sector is responsible for creating one out of every six jobs and generates 15 percent of all economic activity.”
“Research and development in life sciences is vital to our economic recovery,” Pascrell said. “Encouraging life science research and development will allow our nation to harness the vast resources of our highly-educated workers and develop the next generation of medicine and pharmaceutical technology that will be exported to the world. This is a $29 billion industry in New Jersey. Creating national policy to foster this industry’s growth across the nation will help encourage the billions of dollars in new jobs and construction projects that we expect will be generated by the search for better pharmaceuticals.”
"In my home state of Texas, the life sciences field is growing—but faces steep barriers, including sky-high research costs that may take years, if not decades to get back,” Brady said. “This is why I support tax code changes that will help fuel growth and investment in this field and the development of the next generation of innovative biotechnology medicines and medical devices to ensure that the United States remains the world’s top innovator of life-saving medicines."
The legislation offers businesses two opportunities to create incentives for investment in life sciences research and development. Businesses will either have access to additional tax credits for life sciences research and development or tax advantages to make it more attractive for them to bring their foreign investments back to the U.S.