Bio Nebraska joined other state associations in submitting a letter to U.S. Senate and U.S. House leadership calling for immediate passage of the American Innovation & Jobs Act of 2023.
Bio Nebraska signed onto a letter to Sen. Chuck Schumer, Sen. Mitch McConnell, Rep. Kevin McCarthy, and Rep. Hakeem Jeffries urging immediate legislative action to repeal harmful research and development expenditure amortization tax provisions that went into effect in 2022, by passing the American Innovation & Jobs Act of 2023 (S. 866), which was introduced earlier this year with bipartisan support. The letter was sent by the Council of State Bioscience Association (CSBA), a coalition of independent state and territory based non-profit trade associations, which Bio Nebraska is a member.
Current mandatory amortization diverts much-needed funds away from small R&D-intensive companies, potentially jeopardizing the development of the future treatments and negatively impacting the local economies where these companies are established. S. 866 would allow companies to deduct research and development expenditures in the year in which they occurred.