Members of Congress Stress Strong Support for Investment and Job Growth
"This legislation will help U.S. businesses create jobs and maintain a competitive edge in a challenging global economy," said Senator Casey. "Investing in life sciences research and development is critical to ensuring that Pennsylvania and the U.S. remain at the forefront of innovation and economic growth."
"Targeted investments in life sciences are vital to our economy. In Philadelphia alone, life sciences is responsible for one out of every six jobs and generates 15 percent of all economic activity," U.S. Rep. Allyson Schwartz said. "This legislation will enhance medical innovation, life sciences education and high quality job creation across the country through targeted tax incentives. It promotes the type of opportunity businesses need to create private sector economic growth. Providing business with these tax incentives will ensure America remains on the cutting edge of research and development."
"This bipartisan legislation will encourage significant investment in the life sciences industry – an industry that is so important to our local economy and to creating high quality jobs in our region," said Congressman Meehan. "Incentivizing life sciences research and development will not only bolster our regional economic growth, it will also keep the U.S. at the forefront of our competitive global economy."
Domestic Investment Spurs Job Growth
American companies invest globally primarily to expand markets, attract talent, and otherwise compete in a global marketplace. These competitive factors, coupled with the high U.S. tax rate, have caused an estimated trillion dollars in foreign earnings to remain abroad, often as "permanently reinvested" earnings.
|SOURCE The Life Sciences Investment Act Coalition|
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