Bipartisan group pushes tax breaks for science

Sen. Bob Casey (D-Pa.) has introduced the Senate version of the legislation. Five other Pennsylvanians — Reps. Allyson Schwartz (D), Pat Meehan (R), Jim Gerlach (R), Charlie Dent (R), and Chaka Fattah (D) — joined Altmire in introducing the House legislation, as did Reps. Devin Nunes (R-Calif.) and Bill Pascrell (D-N.J.).

{mosads}The lawmakers’ push for targeted, temporary tax breaks comes as top policymakers on both sides of the aisle are also discussing overhauling the tax code, a process which would likely involve trading credits and deductions for lower rates.

Under the new proposal, companies could choose to double their R&D credit for up to $150 million in life sciences research, or repatriate that same amount of foreign profits at a 5.25 percent tax rate.

If offshore funds are brought to the U.S., they must be used to hire scientific staff, invest in research organizations or invest in laboratory facilities.

Lawmakers in the current Congress have also introduced legislation that would more broadly expand research and development tax incentives and implement a wider corporate tax holiday.