Monday, January 30, 1995
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