With its potential to secure our food supply and find medicines for devastating diseases, biotechnology research continues to gain support and has become a leading source of innovation, competitive advantage and jobs in the United States. Thousands of Americans rely on medicines created from biotechnology, such as Insulin and Penicillin, and farmers across the United States have embraced seed varieties developed using biotechnology, with corn and cotton producers planting 80 percent and 86 percent respectively of their acreage with these seeds.

An ardent supporter of biotechnology, Missouri Rep. Rachel Storch introduced House Bill 312, the Qualified Research Expenses Credit, last week to create new opportunities for biotechnology research and development in Missouri. "I believe that support of biotechnology research is vital to the economic expansion of our state. Even more importantly, however, biotechnology research holds the promise of cures and treatments for many of society's worst diseases, including cancer, Parkinson's, diabetes, and Alzheimer's. In addition, biotechnology is the path to agricultural and environmental sustainability - through biotechnology, we can pursue the development of renewable and clean energy sources," said Storch.

The bill will allow eligible companies to apply to the Missouri Department of Economic Development for a tax credit to be applied to qualified research expenses, with a $10 million annual cap on the credit. Currently, no tax credits for qualified research expenses can be approved, awarded, or issued in Missouri and the bill removes these restrictions.

In order to be eligible for the tax credit, companies must be engaged in the research and development of agricultural biotechnology, plant genomics products, and prescription pharmaceuticals consumed by humans or animals. Additional eligibility requirements will be set by the Missouri Department of Economic Development.

Storch wrote a similar bill last year, which was approved by the Missouri House of Representatives with strong bipartisan support but did not receive debate in the Senate. The current bill once again has many bipartisan cosponsors as well as the support of the Missouri Chamber of Commerce and Industry. "My colleagues on both sides of the aisle recognize that this tax credit is an important economic tool for our state. The life sciences already have made and will continue to make a deeply significant contribution to sustainable economic growth in Missouri as employment and research projects in this sector continue to increase," said Storch.

Storch, who has been hailed as a rising star in the Missouri Democratic Party, has made biotechnology research and development a main focus since her election in 2004. Although the bill did not pass in the Senate last session, Storch is confident that the bill will be approved by both chambers and will become an important tool in the state's economic expansion.