PITTSBURGH, PA – U.S. Senator Bob Casey (D-PA) today joined the CEO of Pittsburgh Life Sciences Greenhouse and other local companies to discuss the positive impact of the life sciences industry on the region’s economy. Senator Casey discussed the Life Sciences Jobs and Investment Act, legislation he will reintroduce to spur growth in Pennsylvania’s life sciences industry that will promote innovation and job creation by providing targeted tax incentives for small and mid-sized businesses to invest in life sciences research and development.
“This legislation will help U.S. businesses create jobs and maintain a competitive edge in a challenging global economy,” said Senator Casey. “Pittsburgh is at the epicenter of the biotech industry. The region is a testament to the idea that investing in life sciences research and development is critical to ensuring that Pennsylvania and the U.S. remain at the forefront of innovation and economic growth.”
“Senator Casey’s Life Sciences Jobs and Investment Act will provide a much-needed boost to the companies that we work with,” says John W. Manzetti, President & CEO of the Pittsburgh Life Sciences Greenhouse (PLSG). “The ROI on life sciences investment is among the highest. When life sciences companies are given seed and pre-seed funding or R&D tax credits, they are able to accelerate their innovative research and commercialize medical products that can transform healthcare and save lives sooner.” Mr. Manzetti continues, “Senator Casey has been a strong supporter of the PLSG and our portfolio companies. We look forward to continuing to work together to assist life sciences entrepreneurs with the advancement of healthcare solutions and create jobs here in Western Pennsylvania.”
The legislation doubles the existing 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 life sciences industry is influential in laboratories at universities and companies in Pennsylvania and across the country, including biotechnology and pharmaceutical companies, medical and diagnostic laboratories and manufacturers of surgical appliances and medicines.
The legislation also allows U.S. businesses earning money abroad to return up to $150 million in earnings per year to the U.S. without additional taxation, provided they use the money to hire additional researchers, make new investments in life sciences research at U.S. universities and institutions or invest in new laboratories and related life sciences research facilities.
The Life Sciences Jobs and Investment Act has been endorsed by Pennsylvania Bio and the Pennsylvania Chamber of Commerce.
The Pittsburgh Life Sciences Greenhouse propels growth in Western Pennsylvania’s economy by investing in biosciences companies and providing business growth services to life science enterprises in the region.