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Wonderling Challenges Governor to Support Bioscience Industry
from Research to Market
Senator Says Jonas Salk
Legacy Fund Good First Step
but Lacks Long-Term Commitment
HARRISBURG -- Senator
Rob Wonderling (R-24th), Chairman of the Communications and Technology
Committee, said today that Governor Rendell's proposal to help nurture the
bioscience industry in Pennsylvania is a step in the right direction, but fails
to address the difficulties the bioscience industry faces bringing products to
market.
“Pennsylvania's bioscience
industry is truly transforming the region's economy, creating new companies,
providing new jobs, and contributing to the health of the nation. We must do
all we can to nurture this growing sector. Research and early stage funding is
essential to supporting the bioscience industry in Pennsylvania, but so is
relief from the Commonwealth's burdensome policies on net operating loss (NOL).
The work and effort of research and development is lost if the support is not
there to bring a product to market,” said Senator Wonderling.
As a strong advocate for the
bioscience industry, Senator Wonderling supports an increase in the $2 million
annual cap on the ability of companies to carry forward net operating losses
against future income. The Rendell Administration has previously vetoed
attempts to increase the annual cap. “Unfortunately, Governor Rendell's budget
proposal to raise the cap to $3 million will have little effect on the companies
that incur billions of dollars of losses in order to bring one life-saving
technology to market. Without addressing the NOL issue, this initiative will
fail to adequately support the bioscience continuum,” said Wonderling.
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