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(TRENTON) – Legislation Assembly members Upendra J. Chivukula, Majority Leader Joseph Cryan, Pamela R. Lampitt and Annette Quijano sponsored to increase the amount of life sciences research tax credits available to New Jersey businesses was released recently by the Assembly Commerce and Economic Development Committee.
“New Jersey’s biotechnology sector is one of the only areas that was able to successfully weather the economic recession, actually adding jobs when almost everywhere else was losing them,” said Chivukula (D-Somerset). “With that type of success, increasing our efforts to encourage further research into life sciences just makes sense.”
Under current law, business that invest in life sciences research are able to receive tax credits for up to 10 percent of their investment
Under the Chivukula/Cryan/Lampitt/Quijano measure (A-3626) the amount of the tax credits would be extended to 20 percent of the investment in life sciences research. This expansion would sunset after five years.
“Expanding these tax credits is an investment in New Jersey’s future,” said Cryan (D-Union). “Encouraging investment in life sciences research will help us to create more jobs for residents today, while enabling us to remain competitive in the global market place in the future.”
“Giving companies incentives to invest in life science research will create innovations that will ripple through our entire economy,” said Lampitt (D-Camden). “This is just one more way we are proving that New Jersey is, in fact, open for business.”
“If we don’t do all that we can to encourage life sciences research to occur in New Jersey, then the researchers, the innovations and, most importantly in the short term, the jobs will go elsewhere,” said Quijano (D-Union). “Enhancing these incentives will help ensure that New Jersey continues to be a leader in the continually evolving field of biotechnology and life sciences.”
The bill now heads to the Assembly Appropriations Committee for further consideration.