TRENTON – The Assembly Economic Development and Commerce Committee passed bill A3626 by a 4-1 vote to provide corporation business tax incentives for life sciences research.
Committee Vice Chairwoman Pamela Rosen Lampitt, (D-6), of Voorhees, said the bill will help keep the life sciences industry in the state.
The bill would provide a 100 percent tax deduction on cash dividends invested in the United States to hire scientists, researchers, and other personnel engaged in life sciences research.
Life sciences includes subjects such as biology, biochemistry, biophysics, bioengineering, microbiology, genetics, or physiology. It does not include sociology or psychology.
The deductions could be applied if the life sciences companies pay universities to conduct research, as well as toward the construction of life sciences facilities.
The bill would also increase tax credits from 10 percent to 20 percent for certain research and development expenses.
The benefits would be available for five years, the bill states.
Assemblyman Domenick DiCicco, (R-4), of Sewell, was the only member to vote against the bill, saying he didn’t see enough revenue to offset the tax credits.