As the Ways and Means Committee begins to develop new tax legislation, it is imperative that they include policies to incentivize, or at a minimum remove obstacles that impede, the emerging biotechnology companies that are conducting life-changing and life-saving innovation.
The biotechnology industry is discovering groundbreaking cures and treatments for devastating diseases. It is also developing advanced biofuels, renewable chemicals, biobased products and improved agricultural products for everyday consumer products. Many early-stage innovative companies generate little revenue and do not have a tax liability. Therefore, tax rate reductions and the R&D Tax Credit do not have an immediate impact as they do for larger, profitable corporations.
According to the 2018 Bloomberg Innovation Index, America has recently fallen out of the top ten most innovative nations. For the United States to regain its status in the world as a leader of innovation, tax reform must support the growth of small business innovators and incentivize investment in breakthrough technologies. BIO believes the guiding principle of future tax reform should be the promotion of innovation.
Dear Congressional Leaders:On behalf of the Council of State Bioscience Associations (CSBA)—a national coalition of independent, state and territory-based organizations representing the full breadth of America’s biotechnology ecosystem—we write to…
Re: Docket No. CDC-2025-0783; Advisory Committee on Immunization Practices (ACIP) MeetingDear Dr. Zadeh and Members of the ACIP:The Biotechnology Innovation Organization (BIO) appreciates the opportunity to provide comments to the Advisory Committee…
Chairman Cassidy, Ranking Member Sanders, and distinguished Members of the Committee:Thank you for the opportunity to appear before you today on behalf of the Biotechnology Innovation Organization (BIO), which represents more than 1,000…
As the Ways and Means Committee begins to develop new tax legislation, it is imperative that they include policies to incentivize, or at a minimum remove obstacles that impede, the emerging biotechnology companies that are conducting life-changing and life-saving innovation.
The biotechnology industry is discovering groundbreaking cures and treatments for devastating diseases. It is also developing advanced biofuels, renewable chemicals, biobased products and improved agricultural products for everyday consumer products. Many early-stage innovative companies generate little revenue and do not have a tax liability. Therefore, tax rate reductions and the R&D Tax Credit do not have an immediate impact as they do for larger, profitable corporations.
According to the 2018 Bloomberg Innovation Index, America has recently fallen out of the top ten most innovative nations. For the United States to regain its status in the world as a leader of innovation, tax reform must support the growth of small business innovators and incentivize investment in breakthrough technologies. BIO believes the guiding principle of future tax reform should be the promotion of innovation.