BIO Statement on House GOP Tax Reform Bill

Washington, D.C. (Nov. 2, 2017) – Brent Erickson, Executive Vice President of the Biotechnology Innovation Organization’s (BIO) Industrial & Environmental Section, released the following statement today on the Tax Cuts and Jobs Act (H.R. 1):

“The tax code should recognize and promote innovation as fundamental to the long-term economic growth of the United States. 

The Tax Cuts and Jobs Act’s provisions to lower rates, bolster international competitiveness, and maintain the R&D credit are important steps in that direction. 

BIO urges Congress to build on that foundation by supporting a biobased economy in order to cement America’s leadership in 21st century innovation.

“We encourage Congress to take steps to revitalize domestic manufacturing and build a biobased economy by including in the final legislation incentives for companies at the forefront of the biotech industry’s efforts to develop advanced biofuels, renewable chemicals, and biobased products.

Such incentives, which would put innovative companies on par with competitors in incumbent fossil energy industries, are vital to the development of a wide range of cost-saving and environmentally friendly technologies.”