State Rep. Dave Yaccarino advocates for a biotechnology and bioscience investment tax credit in the legislature this session. Yaccarino introduced and co-sponsored a proposal to establish a tax credit for certain investments in bioscience and biotechnology businesses in the state that qualify for the “incremental” research and experimental expenditures tax credit under section 12-217j of the general statutes.
The legislation, HB-6746, An Act Concerning A Biotechnology And Bioscience Investment Tax Credit, would help grow the bioscience and biotechnology industry and academic research communities. This bill would seek to provide individual investors, corporations, and venture capital firms with tax credits for investments made to qualified biotechnology and bioscience companies within Connecticut.
Connecticut’s bioscience sector currently employs 24,000 workers and ranks 4th in the nation for bioscience patents per 1,000 people.
Yaccarino said, “We must focus on growing this very important industry in our state’s economy as it is one of Connecticut’s strengths. Other areas in the country, namely Massachusetts are seeing massive growth in this industry, and I feel that our state can do more to expand upon this sector and accelerate our growth as a state.”
“This bill sends a message to bioscience and biotechnology companies that Connecticut is a business-friendly state; it will also serve to attract future investors. I believe that this bill would have a multiplier effect onto other job-creating sectors as it encourages innovation, promotes jobs and will seek to grow our economy,” Yaccarino added.
The bill received unanimous support in the Commerce committee and now heads to the legislature’s Finance, Revenue and Bonding committee for a vote of the full committee before heading to the House of Representatives.