May 2006
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May 2006
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New
Tax Legislation in the U.S. House Offers Incentives for Device Industry
Growth
Rep. Melissa Hart (R-Pa) recently introduced the U.S. Healthcare Technologies Competitiveness Act, HR 5115. The legislation, which is due to go into effect after Dec. 31, 2006, is meant to modernize the tax code so that medical device and biotechnology companies can more easily attract and access funding while investing in R&D. Features of the legislation include provisions for firms to: establish or expand on tax credits for R&D, medical innovation for clinical trials, and orphan drugs; establish countermeasure and pandemic flu tax incentives and similar incentives for setting property aside for a life sciences park; and allow companies to expense qualifying medical research equipment. |
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