26 October, 2015, by ClinCaptureTeam
Tax reform has become an important issue in the 2016 U.S. presidential election. The U.S. Congress has also entertained the issue for a while. As a result, the Association for Clinical Research Organizations (ACRO) has focused on changes to the Research & Development tax credit that would help CROs and level the playing field between the U.S. and other countries. It has expressed its support of the COMPETE Act which, if passed, would expand the R&D tax credit to contract research organizations.
Right now, when a sponsor outsources clinical trial research and development, they can claim up to 65% of the eligible R&D expenses in tax credit. In the scenario of the research being conducted in house, they can claim 100%.
On the contrary, in Canada, the UK, Austria and France, CROs are eligible to claim the entire amount for the R&D credit because they are in fact the employers of all research staff. That is why ACRO is raising the point that while the U.S. will continue to be a hub for clinical research, a tax reform would help keep the U.S. competitive and encourage higher paid research jobs in the States.
Contract research organizations contribute to innovative medical product development and according to the sixth biennial Battelle and BIO report, research has been the fastest growing biotech sector.
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