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Senate To Discuss Anti-Bioterror Tax Breaks

by Mike Godfrey, Tax-News.com, Washington

07 June 2002

Speaking to the Reuters news service earlier this week, an unnamed Senate aide revealed that a bill offering tax breaks and other incentives to pharmaceutical and biotechnology companies will come under discussion soon.

Bioterror fears in the wake of the September 11 attacks have prompted the US government to consider ways in which to encourage US companies to research, develop, and supply the authorities with treatments, diagnostics, and vaccines to use in the event of a biological attack on the United States.

According to Reuters' source, the proposed legislation includes a wide range of tax breaks, patent extension provisions, and price guarantees. The Senate aide also revealed that the bill contains provisions to protect companies which develop such products for government use against lawsuits, as they will effectively be unable to ethically test them on humans prior to use.

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