Obtaining the Life Science Research & Development (R & D) Tax credit for AstraZeneca is a success story that is a great example of the Coalition Building we do.
AstraZeneca was not receiving the R&D credit because of a definitional omission in the Life Science Statute. Instead of just filing a corrective piece of legislation enabling AstraZeneca to obtain the R&D Tax Credit, this Is what we did.
Knowing that the Company was missing out on more than a million dollars ($1,000,000) a year due to this omission, we reached out to the Massachusetts Life Science Center, The Massachusetts Taxpayers Foundation, the House & Senate Chairs of Ways & Means, and to the Executive Office of Administration & Finance, to explain the need for a statutory correction. This approach resolved everyone’s questions and potential objections prior to the hearing on the bill, and it moved through the process with the foreknowledge of all of the key players.