Wednesday, October 26, 2011

November 8 will have an Impact on Bioscience Companies

Every four years, all 140 seats in the Virginia General Assembly are up for election at the same time. Every ten years, the district lines change after the decennial United States census. The election coming up on Tuesday, November 8th is just such an occasion and members of the Virginia House and Senate are all trying to get to know their new constituents, fend off challengers, and get reelected to their seats.

These final two weeks before Election Day are a great time to talk with your life science colleagues in your office and around your community about how critical good public policies are for the growth of the bioscience industry in Virginia. Volunteers from member companies of VABIO have been working hard over the last several years to pass legislation to help emerging technology companies grow in the Commonwealth.

For example, in the last three years, VABIO (along with partners such as the NVTC) successfully lobbied for the passage of Virginia’s Refundable R&D Tax Credit, $2 Million in state matching funds for SBIR awards, a 100% capital gains tax exclusion on investments in bioscience companies in Virginia, the $4 Million CRCF fund for commercialization, $8 Million for clinical trials at UVA and VCU, as well as an overhaul of the state’s “Angel Investor Tax Credit” that provides a 50% credit on a bioscience investment up to $50,000.

These are huge victories for the bioscience industry in Virginia and never would have occurred without the active help of individuals, working in the industry, who took a few minutes to make a call to a legislator, sent an email or walked the halls of the legislature with the VABIO staff.

If you would like to see these programs continue or be expanded, now is a great time to let your Delegate or Senator know. Take a moment and tell them who you are, what you care about, and that you will be voting on November 8th. Encourage your co-workers to do the same.

Here are links to help you identify your legislators:
Who are my legislators?
VABIO Public Policy Page:

If you have any questions or want to get more involved, please contact the VABIO staff at 804-643-6360.

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