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BIO joined a letter calling for extension of critically important R&D tax credits—plus, BIO members win big at California Life Sciences’ Pantheon Awards. (500 words, 2 minutes, 30 seconds) |
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BIO urges extension of R&D tax incentives |
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BIO joined more than 1,300 companies and associations in signing a letter sent to congressional leaders yesterday to urge extension of longstanding tax incentives for research and development.
The ask: The signatories, who “collectively employ millions of Americans,” called for urgent passage of existing legislation designed to undo 2017 provisions that disincentivize R&D and investment.
What’s happening: As of the 2022 tax year, full deductions for R&D expenses must be spread over five years, cutting the deduction to 20%. But the nearly 70-year-old 100% deduction helps America compete with countries like China, where the R&D deduction is effectively 200%.
The impact: The loss of R&D deductions harms small biotechs driving innovation, industry members argued in Bio.News.
Why it matters: “Innovation is one of America’s greatest strengths and a significant contributor to job creation, economic growth, competitiveness and national security. The private sector accounts for more than 75% of total research and development spending,” according to the letter.
Other disappearing deductions: Reduced deductions for interest on business loans will cost 867,000 U.S. jobs and $108 billion in GDP, an EY study found. Meanwhile, full deductions for the first year of equipment purchases that began in 2017 phase out between 2023-2027.
What’s next: Legislation has been introduced in the House and Senate to preserve R&D deductions, but Congress needs to act on them now, the letter urged. |
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BioMarin, Twist Bioscience win CLS Pantheon Awards |
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California Life Sciences (CLS) awarded BIO members BioMarin and Twist Bioscience at Wednesday’s 2023 Pantheon Awards, recognizing biotech innovators. The awards: For 20 years, CLS (a member of the Council of State Bioscience Associations) has recognized achievements in life sciences development and innovation by people and companies based in California.
Innovation is in their DNA:Twist Bioscience CEO Emily Leproust received the Pantheon Leadership Award. Twist’s DNA-based tools drive biological innovations that enable research in drug discovery, cancer, infectious diseases, and even computing.
A better computer with nature? DNA—which holds the information for an entire human being in a molecule—is exponentially more efficient at storing data than the binary system we use now, Leproust told the I am BIO Podcast. Twist is working to realize DNA’s storage potential.
A rare gem: BioMarin, winner of the Pantheon Biopharma award, specializes in developing treatments for rare diseases—inherited conditions with genetic causes.
Getting to the root: BioMarin has “designed breakthrough technologies that go deeper than protein or RNA to address the root cause of genetic disease: DNA.”
What they’re saying: The award winners “are shining examples of dedication to scientific advancement and innovation, and they inspire us to keep pushing boundaries in pursuit of new solutions for patients around the world,” says CLS CEO Mike Guerra. |
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| Make the Most of Your Presence at COP28
| As we continue to make plans for BIO’s presence at the UN Climate Change Conference (COP28), it would be helpful to know if any members plan to have a presence there, as well. If anyone from your company or organization is planning to be there, contact Tamra Spielvogel, BIO’s climate specialist, so we can coordinate and maximize visibility opportunities.
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