Creating Opportunities for Private Sector Growth

This week Congresswoman Allyson Schwartz introduced bipartisan legislation to provide tax incentives for small and mid-sized businesses to invest in life sciences research and development on a targeted basis.

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Dear Friend, As our economy continues to recover, it is important that we create opportunities that promote private sector economic growth. In Pennsylvania, biotechnology is a vital sector of our innovation economy and is ripe for growth and job creation.  In Philadelphia alone, the life sciences sector is responsible for creating one out of every six jobs, and generates 15 percent of all economic activity. By investing in the life sciences field, we are providing universities, research centers, and private companies with the tools they need to create good paying jobs and be on the cutting edge of medical advances. That is why I have been working hard to promote opportunity in this critical economic field. This week I introduced bipartisan legislation to provide tax incentives for small and mid-sized businesses to invest in life sciences research and development on a targeted basis. This bill will grow our economy and increase America's global competitiveness by enhancing medical innovation, life sciences education, and job creation here in the U.S.  The Life Sciences Jobs and Investment Act encourages investment in the United States by reducing the tax burden on the mostly small and medium sized companies responsible for life science research today. The bill allows companies engaged in life sciences research to either double their Research and Development tax credit on the first $150 million invested or repatriate foreign earnings tax free up to that same limit when used exclusively for job creation and research in the United States.   Investing in life sciences means: • Hiring more scientists, researchers, and personnel to engage in new and ground-breaking research; • Allowing American universities and post-graduate institutions to allocate more time and support for research and development; and • Investing in new laboratory and life science research facilities and equipment. We must continue to invest in major medical innovation for the future and ensure that America remains on the cutting edge of innovation and scientific research.  The new legislation builds on my earlier success with the therapeutic tax credit, which invested $1 billion in nearly 3,000 small biotech and bioscience companies in 2009. This program created high-skilled, high-wage jobs in Pennsylvania and throughout the United States.  The Life Sciences Jobs and Investment Act will expand these efforts and continue to propel job growth in the Commonwealth. Both of these bills were introduced with strong bipartisan support.  Click here for more information on the Life Sciences Jobs and Investment Act.  Click here for more information on the Therapeutic Tax Credit Extension.  If you would like more information on the tax credit, please call Brandon Casey in my Washington, DC office at 202-225-6111.  Sincerely, Congresswoman Allyson Schwartz

Contact Information
Washington Office 1227 Longworth HOB Washington, DC 20515 phone: 202/225-6111 fax: 202/226-0611	Montgomery County Office 706 West Avenue Jenkintown, PA 19046 phone: 215/517-6572 fax: 215/517-6575	Philadelphia Office 7219 Frankford Avenue Philadelphia, PA 19135 phone: 215/335-3355 fax: 215/333-4508
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