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Biotech tax breaks
Jan. 29, 2008
Tuesday, January 29, 2008

Lawmakers are poised to introduce a set of tax breaks aimed at helping Pennsylvania biotechnology companies find treatments for cancer, diabetes, infections and more.

A small bipartisan group of representatives and senators joined biotech leaders for a press conference in Harrisburg today aimed at drawing attention to their field in the days before Gov. Ed Rendell sets forth his 2008-09 budget.

State Rep. Mike Gerber, D-Montgomery, has drafted a plan to reduce taxes for existing biotech companies and to encourage new ones to move to the commonwealth. The legislation could be introduced within a week.

His plan would allow biotech companies to write off a greater portion of net operating losses on subsequent years' taxes. Currently, businesses can use up to $3 million in losses to offset their tax liability in a subsequent profitable year.

Mr. Gerber also wants to change the way the state's 9.9 percent Corporate Net Income Tax is calculated. Under his plan, the tax would be based more on sales figures than on business assets. That could decrease taxes significantly for large corporations, he said.

The fiscal impact of the proposed tax cuts aren't yet clear, he said.

The proposed changes could have a big effect on the state's ability to compete in scientific research, said Dennis M. "Mickey" Flynn, who leads Pennsylvania Bio, the statewide association representing the bioscience community.

'We should be proud of the efforts and progress that are being made by our companies, and we need to make sure that this work -- and these jobs -- stay in Pennsylvania," he said.

Can't anyone around here count?


Another Democratic candidate for state treasurer has surfaced, but still there are no candidates from Western Pennsylvania.

The latest entry into the race is Dennis Morrison-Wesley, 58, a registered investment counselor who announced today he will run in the April 22 Democratic primary.

He said he is originally from Philadelphia and ran as an independent in the Philadelphia mayor's race in 1991, a race won by current Gov. Ed Rendell.

He now lives in Harrisburg. He considers himself the most qualified for the job of treasurer, saying he has extensive investment experience from working at Merrill Lynch. His Web site is www.wesleyforpa.com.

The state party hasn't endorsed any candidate in the race. The others are Rob McCord, a financial professional from Montgomery County; John Cordisco, Democratic chairman in Bucks County; and possibly, state Sen. Jennifer Mann, D-Lehigh County.

Candidates have until Feb. 12 to turn in their petitions to get on the April ballot.

Currently, the interim state treasurer is Robin Wiessmann of Philadelphia, who was named by Mr. Rendell to fill out the term of Robert P. Casey after he was elected to the U.S. Senate. She agreed not to run for the office as a condition of her appointment.

Republicans have one candidate for state treasurer, Tom Ellis, a former Montgomery County commissioner.

Judicial prizes


Today Gov. Ed Rendell doled out a balanced dish of four new judges for temporary seats on the state's appellate courts, two Democrats and two Republicans.

Mr. Rendell has learned the best way to have court nominees approved is to split them between the political parties and have the nominees agree not to run for full terms when the seats become available.

The nominees are:

-- former Commonwealth Court Chief Judge James Gardner Colins, a Philadelphia Democrat, for Supreme Court.

-- Republicans James Fitzgerald of Philadelphia, a former interim Supreme Court justice, and Judge Robert Daniels, a former interim Superior Court judge, for Superior Court.

-- Ken Gormley, Duquesne University law professor and former Democratic mayor of Forest Hills, for Commonwealth Court.

All nominees must be approved by the state Senate.

First published on January 29, 2008 at 5:29 pm
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