Bioterrorism legislation
This article was originally published in The Gray Sheet
Executive Summary
Senate bill (1764) sponsored by Sen. Lieberman (D-Conn.) would give net operating loss refunds for biotech companies researching diagnostic devices for biological or chemical agents used in terrorist attacks. S 1764 is expected to merge with the Bioweapons Preparedness Act of 2001 (S 1715), sponsored by Sens. Frist (R-Tenn.) and Kennedy (D-Mass.), which grants the Office of Homeland Security the authority to set research priorities that would help fight bioterrorism. Companies working on named priorities would be eligible for incentives including a zero capital gains tax rate on any gains realized on the stock. The bill would apply to firms with less than $750,000 in paid-in capital...