BioCentury
ARTICLE | Politics, Policy & Law

New ideas for research tax credits

June 8, 1998 7:00 AM UTC

WASHINGTON - Enticed by the prospect of billions of dollars from a tobacco bill, the budget surplus and the desire to create a positive record of accomplishments in an election year, Congress is considering three tax credit packages that could benefit biotech companies.

Although the proposals enjoy broad bipartisan support, the prospects of each are surrounded by significant uncertainties. Congress may not enact tobacco legislation; if it does, it is not clear who will win the fierce competition to determine how to spend the resulting windfall; and the Republicans may tempt fate by including provisions likely to cause President Clinton to veto the bill. The fate and content of other legislative vehicles for tax credits, such as an overall tax bill or narrow bills to extend certain existing credits, also are uncertain...