AICUP Position Paper

SB 1495—Life Sciences Education Tax Credit

 

Senate Majority Leader Pileggi (R-Delaware) introduced this legislation on November 8, 2010 at the end of session. No action was taken on the bill. According to the leader’s staff, the bill is likely to be re-introduced in the new session.

 

 

This bill provides for the establishment of a life sciences education tax credit program to encourage the creation of internships and fellowships by life sciences entities for life sciences students. The tax credit shall be equal to 50 percent of the fund’s contributed by a life sciences entity to a public, independent, or state-related institution of higher education for the specific purpose of funding salaries of life science students employed at the institution in a life sciences internship for no more than 9 months for all tax years.

 

 

The tax credit cannot exceed 25% of the entity’s tax burden. Tax credits are available on a first come, first serve basis and all tax credits provided cannot exceed a total of $5.0 million in a fiscal year. “Life sciences” is defined as the study of biology, biochemistry, biophysics, bioengineering, microbiology, genetics or physiology and does not include sociology or psychology. A “life science entity” must have its principle place of business in the Commonwealth, and have its primary business purpose in the application of the life sciences. 

 

 

A “life science internship” must be a requirement that the student has not yet completed and must satisfy in order to complete his/her course of study. A “life sciences internship” is a term of employment in the Commonwealth of a life sciences student at any of the state owned, state related or private colleges or universities as an intern or fellow in conjunction with the student’s course of study. The student intern must be a resident of the Commonwealth who is enrolled in an undergraduate, master’s degree, doctorate or post doctorate program in the life sciences. {Note: Currently, the definition of life science student only includes students attending state related and state system universities; however, staff in the leader’s office has confirmed this was a drafting error and the definition will be corrected in reprint. If it is not corrected, AICUP will seek an amendment to ensure that provisions of the bill are applicable to all higher education institutions where students are participating in life sciences programs.}

 

 

AICUP should support SB 1495 when re-introduced. 

 

 

Bill was re-introduced by Senator Piccola as SB 339 – Referred to Finance Committee.

AICUP Position Paper

SB 1495—Life Sciences Education Tax Credit

 

Senate Majority Leader Pileggi (R-Delaware) introduced this legislation on November 8, 2010 at the end of session. No action was taken on the bill. According to the leader’s staff, the bill is likely to be re-introduced in the new session.

 

 

This bill provides for the establishment of a life sciences education tax credit program to encourage the creation of internships and fellowships by life sciences entities for life sciences students. The tax credit shall be equal to 50 percent of the fund’s contributed by a life sciences entity to a public, independent, or state-related institution of higher education for the specific purpose of funding salaries of life science students employed at the institution in a life sciences internship for no more than 9 months for all tax years.

 

 

The tax credit cannot exceed 25% of the entity’s tax burden. Tax credits are available on a first come, first serve basis and all tax credits provided cannot exceed a total of $5.0 million in a fiscal year. “Life sciences” is defined as the study of biology, biochemistry, biophysics, bioengineering, microbiology, genetics or physiology and does not include sociology or psychology. A “life science entity” must have its principle place of business in the Commonwealth, and have its primary business purpose in the application of the life sciences. 

 

 

A “life science internship” must be a requirement that the student has not yet completed and must satisfy in order to complete his/her course of study. A “life sciences internship” is a term of employment in the Commonwealth of a life sciences student at any of the state owned, state related or private colleges or universities as an intern or fellow in conjunction with the student’s course of study. The student intern must be a resident of the Commonwealth who is enrolled in an undergraduate, master’s degree, doctorate or post doctorate program in the life sciences. {Note: Currently, the definition of life science student only includes students attending state related and state system universities; however, staff in the leader’s office has confirmed this was a drafting error and the definition will be corrected in reprint. If it is not corrected, AICUP will seek an amendment to ensure that provisions of the bill are applicable to all higher education institutions where students are participating in life sciences programs.}

 

 

AICUP should support SB 1495 when re-introduced. 

 

 

Bill was re-introduced by Senator Piccola as SB 339 – Referred to Finance Committee.