On Monday, July 25th, U.S. Rep. Allyson Schwartz (D-PA13) will join Senator Bob Casey (D-PA) and Reps. Jim Gerlach (R-PA6) and Pat Meehan (R-PA7) to announce the introduction of a bipartisan bill that promotes investment in life sciences and creates high quality jobs right here in Pennsylvania.
The life sciences industry in the Commonwealth employs more than 80,000 people and is responsible for an additional 350,000 jobs, pumping more than $6.7 billion into the local economy. In Philadelphia alone, the life sciences industry is responsible for one out of every six jobs and generates 15 percent of all economic activity.
Schwartz has been a leader on this issue in Congress, fighting to ensure we continue to make strategic investments in scientific research and development so America can remain economically competitive in a global marketplace.
The Life Sciences Jobs and Investment Act allows companies engaged in this 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.
This new legislation builds upon Schwartz's previous success with the two-year therapeutic tax credit she championed last year and has introduced legislation to extend this year. The tax credit was enormously successful in Pennsylvania--our bioscience companies ranked fifth nationwide, with 158 companies receiving more than $48 million in grants, and ranked third for tax credits received--with four companies netting a total of $1.22 million.