PHILADELPHIA, PA – U.S. Senator Bob Casey (D-PA) today led a bipartisan group of lawmakers to announce the introduction of the Life Sciences Jobs and Investment Act of 2011, legislation to promote job creation and investment in the life science industry.
“The life sciences industry is an essential source of economic growth and high paying jobs in the Philadelphia region and across Pennsylvania,” said Senator Casey. “This legislation will help U.S. businesses create jobs and maintain a competitive edge in a challenging global economy.”
Senator Casey was joined in announcing the legislation at University City Science Center by U.S. Representatives Chaka Fattah (D-PA), Allyson Schwartz (D-PA) and Pat Meehan (R-PA), who are introducing companion legislation in the U.S. House of Representatives.
The legislation 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.
The life sciences industry is influential in laboratories at companies and universities in Pennsylvania and across the country, including biotechnology and pharmaceutical companies, medical and diagnostic laboratories and manufacturers of surgical appliances and medicines.
In May, Senator Casey was awarded Legislator of the Year by the Biotechnology Industry Organization (BIO) for his commitment to the life sciences industry. Senator Casey has been a strong supporter of funding for the National Institutes of Health (NIH), fighting to prevent cuts to the agency to prevent the country from falling behind on research that stimulates the economy and promotes advances in treatments and cures for diseases. Senator Casey has also introduced the Creating Hope Act of 2011, a bipartisan bill that will encourage the development of new medical breakthroughs for rare and neglected pediatric diseases, and he is a leader in a bipartisan effort to deal with the problem of prescription drug shortages.