12:00 AM
Dec 15, 2008
 |  BioCentury  |  Politics, Policy & Law

BIO lobbies for stimulus

The Biotechnology Industry Organization last week joined the ranks of American industries seeking federal assistance to cope with the credit crunch.

In conversations with members of Congress and their staffs, BIO and a group of executives from emerging biotech companies asked for the inclusion of a new program that would permit companies to receive refunds for a portion of net operating losses (NOLs).

BIO hopes the proposal will be included in fiscal stimulus legislation congressional Democrats are writing in consultation with President-elect Barack Obama's transition team and plan to push through in January.

BIO justified the request with data on the negative effects of the capital drought, including lay-offs and the shelving of promising R&D programs as companies struggle to keep their doors open.

The industry proposal calls for Congress to grant companies the option to receive a refund of their accumulated NOLs at a discounted rate in lieu of claiming qualified research expenses.

The refund would...

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