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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.

Bob Grant
Bob Grant

Bob Grant is Editor in Chief of The Scientist, where he started in 2007 as a Staff Writer.

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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 a good idea in the current economic climate. "The Therapeutic Discovery Project (TDP) was successful in advancing breakthrough medicines and creating...

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