PHILADELPHIA, PA – U.S. Senator Bob Casey (D-PA) today took part in a town hall forum conducted by the U.S. Department of Commerce at the University City Science Center to discuss ways that Philadelphia’s unique capabilities in higher education, healthcare and life sciences can be harnessed to create jobs and strengthen the region’s economy. Senator Casey has introduced legislation to spur growth in the life sciences industry, which creates high-paying jobs and is a critical component of Southeastern Pennsylvania’s economy.
“We need targeted legislation to accelerate the pace of the recovery and boost job creation,” Senator Casey said. “The life sciences industry is an essential source of economic growth and high paying jobs in the Philadelphia region, and my legislation would help our businesses create jobs and maintain a competitive edge in a challenging global economy.”
The Life Sciences Jobs and Investment Act doubles the existing research and development (R&D) tax credit to incentivize life sciences R&D from 20% to 40% of the first $150 million businesses and innovators spend on such research.
The legislation also provides U.S. businesses a tax incentive to hire additional researchers, make new investments in life sciences research at U.S. universities and institutions, and invest in new laboratories and related life sciences research facilities.
Senator Casey strongly supported the America COMPETES Reauthorization Act, which funds scientific research, science and engineering training programs, and STEM (science, technology, engineering, and mathematics) education. The legislation, which authorizes funding for the National Science Foundation and the National Institute of Standards and Technology, was signed into law earlier this year.
Senator Casey today also discussed the importance of manufacturing to job creation in Pennsylvania, noting that the sector is Pennsylvania’s largest source of high paying jobs. As Chairman of the Joint Economic Committee, Senator Casey is focused on the need for a national manufacturing strategy that provides much needed support and training to help America’s workforce build skills for new, emerging jobs in manufacturing.