Biotech's tax agenda

WASHINGTON - The Biotechnology Industry Organization wants a capital gains incentive as well as a second-tier incentive for emerging companies, changes in IRS net operating loss change of ownership rules, a permanent or extended Research and Experimentation Credit, and a permanent or extended Orphan Drug credit.

Robert Beckman, president and CEO of Intergen Co. LP and chairman of BIO's Emerging Company section, presented the organization's tax agenda to a hearing of the House Ways and Means Committee last week.

2nd tier incentives

Beckman testified that BIO "supports enactment of both an across-the-board capital gains incentive and a second-tier incentive targeted at direct investments in the stock of emerging companies." He said the proposal originated with Sen. Robert Packwood, R-Ore., who proposed a combined across-the-board capital gains cut