Act Aims to Benefit Companies Performing Biopharmaceutical Research
University City Science Center, a client of EisnerAmper, is helping to make history by supporting legislation to promote the life sciences industry. On July 25, 2011, U.S. Senator Bob Casey (D-PA), and U.S. Representatives Chaka Fattah (D-PA), Allyson Schwartz (D-PA) and Pat Meehan (R-PA)announced the introduction of the Life Sciences Jobs and Investment Act of 2011 (“Act”) at the University City Science Center in Philadelphia. The Act will allow companies engaged in biopharmaceutical research to either double their research and development tax credit on the first $150 million invested, or repatriate foreign earnings tax free up to that same limit when used exclusively for job creation and research in the United States.
As John Pennett, Partner-in-Charge of the Life Sciences Practice at EisnerAmper, noted, “This Act provides an exciting opportunity to promote medical innovation, life sciences education and job creation in our region and throughout the country.”
Steve Tang, the CEO of the University City Science Center, has been a supporter of the Act and has testified at a hearing of the U.S. Congress Joint Economic Committee back in May 2011. To learn more about the hearing, please click here.