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March 14, 2022 | Tom Ballard

New report from BIO focuses on state and regional best practices in economic development

The Biotechnology Innovation Organization (BIO) and Council of State Bioscience Associations recently released “Driving the Bioscience Economy Forward During the COVID-19 Pandemic: Best Practices in State and Regional Bioscience Economic Development Initiatives.” The biennial report provides a summary of state programs serving the bioscience industry.

This year’s report devotes substantial attention to incentives. Many of the incentive policies are intended to support the leading trends in state bioscience support such as providing funding for companies coming out of university partnerships, industry workforce training and development, and facility development. Others are intended to provide capital to bioscience companies at the early-stage, mid-stage, and manufacturing stage of development, such as angel investor and seed capital tax credits, R&D and innovation investment tax incentives, and tax exemptions, abatements or discounts. The report also notes that states are increasingly allowing companies to monetize a variety of tax credits and sales tax exemptions.

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