Life Sciences Jobs and Investment Act of 2010, H.R. 6165
Members of the House of Representitives introduced bi-partisan bill to spur investment and create jobs in the life science industry: that will provide tax incentives for small and mid-sized businesses to invest in life sciences research and development on a targeted basis.
- The legislation offers businesses 2 opportunities to create incentives for investment in life sciences R&D. Businesses will either have access to additional tax credits for life sciences research and development or tax advantages to make it more attractive for them to bring their foreign investments back to the US.
The Life Sciences Jobs and Investment Act of 2010 provide an opportunity to enhance medical innovation, life sciences education and job creation.
- The legislation was introduced by U.S. Reps. Allyson Schwartz (D-Pa.), Bill Pascrel (D-N.J.), Devin Nunes (R-Calif.), and Kevin Brady (R-Texas);
- If enacted, the measure would provide tax incentives for small and mid-sized businesses to invest in life science R&D on a targeted basis.
This legislation will help direct funds to universities and research centers, as well as to private companies that would build additional research parks here in America. Investing in Life Sciences in the US means:
- Hiring additional scientists, researchers, and comparable personnel engaged in life sciences research;
- Making new investments in research at American universities and post-graduate institutions, state-sponsored incubators and comparable scientific organizations;
- Investing in new laboratory and related life sciences research facilities.
- Provides certain tax benefits to employees who hire previously unemployed workers, subsidizes construction bonds and help fund highway and other transit programs (the pork piece);
- H.R. 6165 would amend the Internal Revenue Code of 1986 to provide incentives for life sciences research.
