Over the last 25 years, Pennsylvania has become a nationwide leader in the life sciences industry. Firms such as Pfizer, Merck, AmerisourceBergen and GlaxoSmithKline are just a few of the biotech companies that employ over 80,000 Pennsylvanians. These businesses contribute millions of dollars to our economy and generate millions more in tax revenues.

Biotech businesses are also some of our region’s leading innovators, and the products and treatments they provide dramatically improve the quality of life of our citizens. Life Sciences and biotech jobs play a critical role in our local economy, but unfortunately many of these jobs are in danger of going overseas.

That’s why, on Monday, I joined a bipartisan group of lawmakers from both the House and the Senate at the University Science Center in Philadelphia to introduce the Life Sciences and Jobs Investment Act.

The Life Sciences and Jobs Investment Act creates incentivizes job creation in the biotech industry by increasing the tax credit for research and development in the life sciences. Alternately, biotech firms that have earned profits overseas may bring these profits back to the United States at a reduced tax rate if they use the funds to hire additional employees, fund life sciences work at American research institutions or invest in new facilities.

The issue of bringing profits earned overseas back to our shores – known as repatriation – was a common concern I heard as I visited with business owners during the campaign. Many businesses that operate overseas have hundreds of millions of dollars in profits sitting on the sidelines in foreign nations, but they cannot bring these dollars back to create jobs domestically due to the unfavorable tax treatment they receive. This bill addresses that issue by allowing life sciences businesses to return these dollars to create jobs at a reduced tax rate. By allowing these firms to either increase their research and development tax credit or repatriate foreign profits, we can spur private investment and create good jobs in the life sciences industry.

I’m also especially proud to have worked on this legislation with members of both parties. Bipartisanship is increasingly difficult to achieve in Washington, and I appreciate the efforts of my colleagues to work across the aisle on a bill that will create jobs. I look forward to continuing to work to advance the Life Sciences and Jobs Investment Act in Congress.