Orphan, R&E tax credits under review

WASHINGTON - The oversight subcommittee of the House Ways and Means Committee will hold hearings this week on tax credits, including the Orphan Drug and Research & Experimentation credits.

On Tuesday, the subcommittee will hear testimony from Lisa Raines, vice president for governmental relations at Genzyme Corp., in support of H.R.1566, which would amend the Internal Revenue Code of 1986 to make permanent the credit for clinical testing expenses for certain drugs for rare diseases or conditions and to provide for carryovers and carrybacks of unused credits. The orphan drug tax credit of 50 percent on qualified research expired Dec. 31...