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HR 1566 orphan drug tax credit carry-over provision supported by BIO.

Executive Summary

HR 1566 ORPHAN DRUG TAX CREDIT RESTRUCTURING TO PERMIT CARRY-OVER would "eliminate the orphan drug credit's current discrimination against small, development-stage biotech companies at the same time as it increases the incentive for these companies to invest in orphan drug development," Genzyme VP-Government Relations Lisa Raines said at a May 9 hearing of the House Ways & Means/Oversight Subcommittee. Speaking on behalf of the Biotechnology Industry Organization, Raines suggested that some small biotech companies may not be able to obtain tax credit because they have no current tax liability.
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PS026190

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