Watch CBS News

Philadelphia-Area US Lawmakers Back Tax Breaks For Life Sciences Industry

PHILADELPHIA (CBS) - The University City Science Center, at 37th and Market Streets in West Philadelphia, was the backdrop today as members of Congress showed their support for legislation to stimulate innovation in the life sciences industry.

US senator Bob Casey (D-Pa.), accompanied by US representatives Allyson Schwartz (D-Pa.), Chaka Fattah (D-Pa.), and Pat Meehan (R-Pa.) say the proposed legislation would be a big deal for Philadelphia and southeastern Pennsylvania since one out of six jobs in this area are in the life sciences, which includes pharmaceutical, biotechnology, and medical device companies.

The legislation would either double the research and development tax credit for the first $150 million that a business or innovator spends on such work, or would repatriate foreign earnings tax-free up to the same limit.

Rep. Schwartz says the life sciences industry not only has the potential to create life-saving cures and treatments, but is a major player in the economy.

"Eighty thousand people in Pennsylvania work in life sciences and they pump about $6.7 billion in the state's economy," she said today.

Sen. Casey says there is bipartisan support for the measure despite the political bickering in Washington over a debt reduction agreement.

Reported by Steve Tawa, KYW Newsradio 1060

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.