A bi-partisan cadre of Congress members proposed new legislation designed to support the U.S. life science industry.
If enacted, the measure would provide tax incentives for small and mid-sized businesses to invest in life science research and development on a targeted basis, according to a release from one of the bill’s authors.
The legislation, called the Life Sciences Jobs and Investment Act of 2010, would give businesses an opportunity to "enhance medical innovation, life sciences education and job creation." according to the lawmakers.
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).
“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 this research is particularly beneficial for Philadelphia, where the life sciences sector is responsible for creating one out of every six jobs and generates 15 percent of all economic activity,” Schwartz said in prepared remarks.