Meehan Bill Modernizes R&D Tax Credit
WASHINGTON – Congressman Patrick Meehan (R-Pa.) introduced the Domestic Research Enhancement Act of 2017, H.R. 1234, which modernizes the research and development tax credit by recognizing the role of contract research in the life sciences sector.
“The life sciences sector is one of the largest employers in southeastern Pennsylvania and a prime driver of our economic growth and dynamism,” said Congressman Meehan. “Contract research firms play a critical role, employing some 6,000 Pennsylvanians. The Domestic Research Enhancement Act will help make American life sciences firms more competitive on the global stage, spur more investment and innovation into groundbreaking new cures, and strengthen our regional economy.”
Meehan sits on the key House Ways and Means Committee, the body in the House of Representatives responsible for tax policy.
The Association of Clinical Research Organizations praised introduction of the bill.
“ACRO commends Rep. Meehan for recognizing the importance of the contract clinical research industry as an economic driver to the State of Pennsylvania in general and to Southeastern Pennsylvania specifically,” said John Hubbard, ACRO’s Chairman and the President of Bioclinica in Doylestown, Pa. “The Domestic Research Enhancement Act of 2017 will enable the industry to continue to grow in the state, supporting jobs, innovation and the homegrown development of new treatments and cures for patients in need.”