Oct 2009 - UTC Public Policy Update

Updated October 14, 2009

The US Chamber of Commerce is organizing a letter to Congress urging passage of legislation extending all of the business tax provisions set to expire at the end of this year. This would include the R & D tax credit. If you would like for your organization’s name to appear as a signatory to the letter, click HERE and fill out the online sign-up form. Also, I encourage you to forward this message to your member companies and urge them to join the letter as well.

Also, there still is time to join the letter being organized by the R & D credit coalition urging passage of legislation extending the R & D credit. If you have not already joined that letter, you may do so by clicking HERE and filling out the online sign-up form. This letter also is open to all of your member companies.

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Utah Biotech companies:

The Finance Committee wrapped up consideration of their healthcare reform package last week. The Committee approved a Rockefeller Amendment containing a number of provisions. Contained in that package, among other things, was the Menendez Therapeutic Tax Credit Amendment. Note: This amendment would inject much needed capital into small biotechnology companies.

The credit would provide companies with 250 employees or fewer the ability to apply to the Treasury Department for a reimbursement of up to 50 percent of the eligible costs associated with the development of new therapies designed to treat or prevent diseases in tax years 2009 and 2010. These funds would sustain research into new therapies by funding activities such as hiring researchers and scientists and conducting clinical studies, investments that could not otherwise be sustained give the current investment climate.

UTC has supported this amendment in conjuntion with its relationship with BIO.

Global Administrator | 10/1/2009 2:07:22 PM | 0 Comments