WASHINGTON--(BUSINESS WIRE)--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.”
BIO is the world's largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIOtechNOW is BIO's blog chronicling “innovations transforming our world” and the BIO Newsletter is the organization’s bi-weekly email newsletter. Subscribe to the BIO Newsletter.
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