U.S. Representative Rush Holt (D-N.J.) recently met with some of the state’s biotechnology leaders to discuss his proposed legislation aimed at fostering job creation and providing tax relief to small businesses, including biotech startups. The “Creating Jobs From Innovative Small Businesses Act” (H.R. 4769) would establish a temporary 20 percent tax credit for start-up small businesses that invest 50 percent of their budgets in research. The “Create Jobs by Expanding the R&D Tax Credit Act” (H.R. 132) would temporarily “boost the most common form” of the federal research and development (R&D) tax credit to allow businesses to invest in innovation and hire new workers. Another bill (H.R. 134) would make the R&D tax credit permanent.
“These three bills are not only critical for New Jersey’s economy,” Holt said. “They would also help invigorate investment in private sector innovation so that we can expand our global leadership in high technology, spur greater economic growth domestically, and remain a leader in technological innovation.” See Representative Rush Holt Press Release, April 5, 2011.