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Coalition Applauds Introduction of Life Sciences Jobs and Investment Act
Date:7/25/2011

WASHINGTON, July 25, 2011 /PRNewswire-USNewswire/ -- At an event at the University City Science Center in Philadelphia, U.S. Senator Robert Casey (D-PA) and U.S. Representatives Chaka Fattah (D-PA), Allyson Schwartz (D-PA) and Pat Meehan (R-PA) announced today they will introduce legislation that provides 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 2011 provides an opportunity to enhance medical innovation, life sciences education and job creation in the United States.

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.

The Life Sciences Jobs and Investment Act will allow companies to:

  • Hire additional scientists, researchers, and comparable personnel engaged in life sciences research in the U.S.;
  • Make new investments in research at American universities and post-graduate institutions, state-sponsored incubators, and comparable scientific organizations; and
  • Invest in new laboratory and related life sciences research facilities in the U.S.

"This legislation will help strengthen the biotech sector's culture of innovation, discovery, education and job creation across the nation," said Stephen S. Tang, Ph.D., MBA, President and CEO of the University City Science Center.  "The Life Sciences Jobs and Investment Act is key to the long-term success of this crucial industry sector and will help us maintain our competitive edge as we ensure that biotech in the region – and the entire country – continues to grow and thrive. We look forward to helping ou
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SOURCE The Life Sciences Investment Act Coalition
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