United States Senator Robert Menendez (D-NJ) has introduced legislation that will revive the Therapeutic Discovery Project Tax Credit, which funneled $1 billion in tax breaks and grants to biotech companies across America in 2010. The program impacted about 3,000 small US companies that year. "Biotech labs employ dedicated scientists and researchers, whose discoveries could lead to a ground-breaking cures for cancer, diabetes, Alzheimer’s, or HIV/AIDS," Menendez said in a statement released last week. "Manufacturing these breakthrough therapies is already creating thousands of high-paying jobs, and extending this critical tax credit will not only create more good jobs here in America, but keep us at the forefront of life-saving innovation."
Jim Greenwood, president and CEO of the Biotechnology Industry Organization, agreed that extending the program was a good idea in the current economic climate. "The Therapeutic Discovery Project (TDP) was successful in advancing breakthrough medicines and creating economic stability and job growth. It is vitally important that we support the innovative companies that are driving our economy and combating devastating disease," he said in a statement. "As evidence of the program's popularity suggests, Congress should extend it for two more years and beyond in order to support American innovation and speed the development of life-saving cures."
(Hat tip to the Philadelphia Business Journal.)