HARRISBURG (June 7) – State Senator Andy Dinniman is proud to announce that his 19th Senatorial District, which encompasses most of Chester County, led the Commonwealth in the amount of Research and Development (R&D) Tax Credits awarded to life sciences and healthcare companies in 2015.
Seventeen life sciences and healthcare companies in the district were awarded more than $3.7 million in R&D Tax Credits, according to information from Pennsylvania Bio, the trade association of Pennsylvania’s bioscience industry. Chester County was the overwhelming leader, being awarded more than $1 million more in credits than any other region, including Philadelphia and Pittsburgh.
“This is just another example of Chester County leading the way in innovation, especially when it comes to biopharma and biotech,” Dinniman said. “We remain a world-class hub in the life sciences industry and I will continue to work in the legislature to support programs, like the R&D Tax Credit, to keep our economy running strong.”
The R&D Tax Credit Assignment program was established to assist and enhance the growth and development of technology-oriented business, particularly small startup technology, and biotechnology businesses. The credits are awarded to companies that make qualified research and development investments in Pennsylvania. The program is designed to help Commonwealth-based businesses grow and produce jobs and other economic benefits.
Dinniman, who serves on the Board of the Ben Franklin Technological Development Authority and as Co-Chair of the Life Sciences and Biotechnology Caucus, has successfully fought against proposed cuts to the R&D Tax Credit in recent years. For his work on behalf of the business and industry, he has been honored by various business groups including Pennsylvania Bio.
“Up-and-coming biopharma and biotechnology companies mean so much to our region. Encouraging them to call Chester County and Pennsylvania home means job growth, a great quality of life for residents, and endless opportunities for entrepreneurs and innovators,” Dinniman said.
The R&D Tax Credit program comes through the Pennsylvania Department of Revenue. For more information about this program, visit www.revenue.pa.gov