Demand for Biotech Tax Breaks

A NJ senator and BIO are beating the drum to reinstitute a law that would channel millions into small life science companies around the country.

Written byBob Grant

| 1 min read

Save for Later

Listen with Speechify

0:00

1:00

The CapitolJEF AKST

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 ...

Interested in reading more?

The Scientist ARCHIVES

Become a Member of

Receive full access to more than 35 years of archives, as well as TS Digest, digital editions of The Scientist, feature stories, and much more!

Join for free today

Already a member?

Add The Scientist as a preferred Google source to see more of our trusted coverage.

Meet the Author

Bob Grant
Go to The Scientist's LinkedIn Page
From 2017 to 2022, Bob Grant was Editor in Chief of The Scientist, where he started in 2007 as a Staff Writer. Before joining the team, he worked as a reporter at Audubon and earned a master’s degree in science journalism from New York University. In his previous life, he pursued a career in science, getting a bachelor’s degree in wildlife biology from Montana State University and a master’s degree in marine biology from the College of Charleston in South Carolina. Bob edited Reading Frames and other sections of the magazine.
View Full Profile