In Washington, the Senate Finance Committee completed mark up of legislation to extend critical tax incentives. The legislation would extend for two years the important Research & Development Tax Credit, the Second Generation Biofuel Producer Tax Credit, the Special Depreciation Allowance for Second Generation Biofuel Plant Property, and the Controlled Foreign Corporation Look-Through Rule.
BIO President and CEO Jim Greenwood released the following statement:
“The R&D Tax Credit is a vitally important incentive that spurs private-sector investments in biotechnology companies as they search for new cures and treatments. The credit helps the biotech industry generate thousands of high-paying jobs in the biotechnology sector. The R&D Tax Credit is pro-innovation, pro-growth, and pro-America, and we strongly support its extension. We strongly support the provision to make a portion of the R&D Tax Credit refundable, which will improve small, pre-revenue companies’ access to the tax credit.
“In addition, we appreciate the extension of credits that support the development of advanced biofuels and biorefineries. The advanced biofuel sector is creating jobs and economic growth opportunities, while producing cleaner, healthier fuels. We will continue to work with Committee members to encourage recognition of renewable chemicals in the tax code. Parity in tax policy for all applications of industrial biotechnology would help the biorefining sector grow and generate new jobs.”