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Governor Corbett Presented 2013 Biotechnology Industry Organization Governor of the Year Award
Date:4/23/2013

the Research and Development Tax Credit to $55 million while preserving tradability of the credit for immediate capital for companies not yet profitable.
  • The governor introduced a tax reform package that includes a phased increase of the Net Operating Loss deduction cap, a phase-down of the Corporate Net Income Tax and the continued phase out of the Capital Stock and Franchise Tax.
  • The administration has also named a Life Sciences Ombudsman to help the industry navigate through the complexities of government.
  • Corbett also continues to support the state's private sector partners and programs that are helping to grow the life sciences in Pennsylvania. This includes the administration's Discovered in PA – Developed in PA program, which has helped local organizations establish and anchor their operations in the commonwealth and the state's three Life Sciences Greenhouses, which in the last two years alone have aided in the creation of 32 new bioscience firms. The Greenhouses have the proven success of 156 new companies formed, 3,465 jobs created and 2,227 jobs retained.

    "Governor Corbett and his administration have developed and promoted some of the industry's best programs and standards, helping Pennsylvania stand tall among our nation's greatest biotech hubs," Jim Greenwood , president and chief executive officer of BIO said.

    "By enhancing the business environment to support the capital intensive processes of research and development, as well as growing innovation companies facing significant start-up costs, Governor Corbett is creating an environment favorable to business and research and development. He's positioning Pennsylvania as a valued leader within the industry," Greenwood said.

    "We at Pennsylvania Bio are thrilled that Governor Corbett's efforts to help build a sustainable, state-wide biotec
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    SOURCE Pennsylvania Office of the Governor
    Copyright©2012 PR Newswire.
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