BioCentury
ARTICLE | Politics & Policy

Obama FY14 budget includes tax incentives for small businesses

April 11, 2013 11:33 PM UTC

President Obama's FY14 budget proposal, which was released on Wednesday, includes several tax reforms that could benefit smaller biotechs and pharmas, including a one-time 10% tax credit for increasing wages or hiring new employees. The temporary credit would be available to businesses that paid less than $20 million in wages in 2012. The White House's budget proposal also would make permanent the R&E Tax Credit and simplify its two rates into a single 17% rate, which would generate an estimated $99 billion in research incentives over 10 years. The R&E Tax Credit is currently authorized through the end of 2013 by the American Taxpayer Relief Act of 2012 (see BioCentury Extra, Jan. 2). ...