The President’s Council on Jobs and Competitiveness issued an interim report with suggestions to increase job creation and growth in the U.S., as well as plans for encouraging investment in the industry. Of particular interest to the biotech industry, the report offers suggestions for streamlining the FDA approval process.
The report also outlines ideas for eliminating capital gains on investments of $25 million or less that are held for at least five years and recommends taxes be reduced for the first three years of a company’s existence. Furthermore, the report proposes a 30 percent refundable tax credit for angel investors, which would provide an incentive to invest in emerging biotech companies.
The report also recommends amending Sarbanes-Oxley (SOX) to allow shareholders of public companies with market valuations below $1 billion to opt out of Section 404 reporting obligations.
We recently released a comprehensive policy agenda to unleash the promise of biotech to speed life-saving treatments to patients, encourage private investment, and defend our nation’s leading position in the global industry.