The federal Research & Development (R&D) Tax Credit rewards new product/technology development risk-taking by
bioscience companies. Although the United States was the first country to offer an R&D
credit in 1984, most other competing countries now have research
incentives that offer more value than the U.S. credit. The R&D tax incentive is generally extended or reauthorized annually or so by Congress. MichBio, along with its national industry partner organizations, strongly supports making permanent the federal R&D Tax Credit. Failure to make the credit permanent will harm the ability of Michigan bioscience companies to stay competitive in the global bio-industry marketplace.