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BioNJ's Fall 2016 Legislative Agenda
With only weeks to go before the Presidential election, the campaign is dominating legislative activity in both Trenton and Washington. New Jersey legislators will meet more frequently for the remainder of the year than will Congress, but the involvement of New Jersey elected officials in the Presidential campaign -- for both candidates -- means that the impact felt more here in New Jersey than in many Presidential election years.
Leading up to the election, here's a look at some of BioNJ's priority issues on both the State and Federal levels...
New Jersey
Increased Angel Investor Tax Credit
BioNJ has long supported the Angel Investor Tax Credit, which provides tax credits for angel investors equaling up to 10 percent of the investment. Unfortunately, 10 percent is one of the lowest angel investor tax credits allowed in the country. A3631/S158 expands the tax credit to holding companies. BioNJ supports passage of this legislation and urges the sponsors of these bills to modify their respective proposals to include an increase in the angel investor tax credit to 25 percent. Since it is a set pool of funding, this proposal would not have any fiscal impact on the State Budget. Countless examples of successful execution and resulting economic development as a result of this program exist across the country. This is a no brainer.
Mandated Health Benefits Coverage for Opioid Analgesics with Abuse-Deterrent Properties
The research and development of opioid analgesics with abuse-deterrent properties is intended to help deter the abuse, misuse and diversion of these prescription pain medications while ensuring that patients in pain continue to have appropriate access to these important therapies. A1833/S1313 would help to ensure patient access to these medications, and BioNJ supports passage of the legislation.
State Registration for Pre-Product
Biopharmaceutical Companies
Current New Jersey law requires that biopharmaceutical companies must have received FDA approval for their product before they are allowed to file a registration statement to sell the product in the State. Since FDA approval is a years-long process, many companies are unable to register while they are in the critical business formation and research stages.
A3793/S2024 clarifies that approval by the FDA is not required when a drug manufacturer is filing a registration statement and also specifies that the Department of Health will be required to promptly review any completed registration statement submitted to them.
BioNJ supports passage of this legislation.
Reinstatement of NJ/PA Tax Reciprocity
Gov. Chris Christie recently ended a decades-old income tax reciprocity agreement between New Jersey and Pennsylvania. This could potentially impact New Jersey life sciences companies that hire qualified employees from throughout the region. These employees could have greater incentive to remain in their own states for employment, depriving New Jersey of their skills. Full access to our region's well-educated workforce is one of our strongest attractions for new life sciences companies considering where to locate. BioNJ remains concerned about the potential impact of this measure and encourages a full consideration of all of the implications of this important decision.
With the Presidential campaign underway and Congress up for re-election, the Congressional schedule is abbreviated for the remainder of 2016, so it's likely that there will be little activity.
This item remains high on BioNJ's Federal agenda...
Opposing Proposed Cuts to Medicare Part B
Medicare Part B coverage of drugs provides an essential route of access for patients who are facing serious illnesses, including cancer, multiple sclerosis and rheumatoid arthritis. Medicare Part B covers products that are injected or infused under the direction of a physician in physician offices. A recently proposed Part B Drug Payment Model would change physician reimbursement for these services. We believe that changing the reimbursement model would ultimately threaten patients by reducing access to these drugs, especially in rural areas and in areas with community-based providers. BioNJ urges New Jersey's Federal delegation to protect patient access to important biologic and drug therapies by opposing reimbursement cuts to Medicare Part B.
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For more information about BioNJ's Public Policy program, please contact Rebecca Perkins, Vice President, Government Affairs, at [email protected].
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