An open letter from Jim Greenwood, President, BIO
With the help of emerging biotech companies across the country, BIO successfully advocated for the enactment of the Therapeutic Discovery Project (TDP) tax credit program last year. The TDP provided $1 billion of much-needed capital for the biotechnology industry. Companies with fewer than 250 employees which had made qualified investments in the development of promising new therapies designed to treat or prevent costly and chronic diseases were eligible for the program. Nearly 3,000 small companies received funds from the program for over 4,500 innovative projects.
Unfortunately, the TDP has expired and we need your help in extending this important program. BIO is seeking to extend the TDP through a tax extenders vehicle slated to be approved by Congress over the next few months. To show the strong support that the TDP has received throughout the biotech industry, we ask that you sign a letter that urges Congress to extend the TDP so our industry can continue to foster the much-needed research and development of promising new therapies. Please show your support by clicking the link below to sign on to this important letter.
The company letter of support is just the first step in our campaign efforts. Additionally, BIO is working on a comprehensive advocacy and communications strategy to extend the TDP. We are planning to send follow up emails in the coming weeks which will include other ways that you will be able to reach out to your members of Congress in support of an extension of the TDP. We look forward to working with you in advocating for an extension of this important program.