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Good afternoon Senator Fonfara, Representative Horn, Senator Fazio, Representative Polletta, and distinguished members of the Finance Revenue and Bonding Committee.
My name is Jodie Gillon, the President and CEO of BioCT. BioCT is a leading voice for the life science industry in Connecticut. Our mission is to catalyze and accelerate growth in the life sciences with the goal of improving human health by fostering a rich, innovative ecosystem and promoting Connecticut as a preferred destination for life science exploration and innovation. Our members include life and healthcare science companies, major research universities and other academic institutions, health centers, medical device developers and manufacturers, and other partners. We educate, cultivate entrepreneurship, support the growth of life science companies, and collaborate to ensure a sustainable, high-value life science and healthcare community that improves our quality of life and keeps the Connecticut economy strong.
BioCT respectfully submits testimony in support of Section 5 of Senate Bill 84, which advances important changes to Connecticut’s Research and Development (R&D) tax credit by allowing pass-through entities with a maximum size to earn such credits. We thank Governor Lamont for including this in his revenue package and we appreciate the committee’s consideration.
Section 5 Is a Meaningful Step in the Right Direction
Section 5 of SB 84 represents an important and positive step toward creating a more competitive and innovation-friendly tax environment in Connecticut. By expanding access to the R&D tax credit, the proposal acknowledges a fundamental reality of the modern life sciences industry: innovation occurs across company structures, sizes, and stages of development, and state policy must reflect that reality if Connecticut is to compete nationally and globally.
Life sciences companies are research-intensive by nature. Long development timelines, high capital requirements, and significant regulatory hurdles mean that many companies invest heavily in R&D years before generating revenue or profit. Policies that recognize and support this investment are critical signals to entrepreneurs, investors, and employers deciding where to locate, grow, and expand.
Improving Connecticut’s Competitiveness for Life Sciences Growth
Connecticut competes directly with neighboring states and national life sciences hubs that have made sustained, strategic investments in R&D incentives. Expanding and modernizing the R&D tax credit helps level the playing field and makes Connecticut a more attractive place for life sciences companies to launch new startups, expand laboratory & manufacturing operations, retain high-wage scientific & technical talent, and reinvest capital into additional research activity. This is particularly important while we are experiencing a challenging federal fiscal and policy environment. We need to extend a lifeline to this sector, from which Connecticut benefits from approximately $14 billion in economic activity, 125,000 of high skilled members of the workforce. The investments are paying off with additional capital coming into Connecticut life sciences.
As policymakers have heard repeatedly from the business and innovation communities, R&D tax credits are not a giveaway—they are a growth strategy. They help unlock private investment, generate high-quality jobs, and produce long-term returns through income, sales, and property tax revenues. This is a time to double down on our investments to emerge as global leaders in life sciences.
A Foundation for Future Progress
BioCT views Section 5 not as an endpoint, but as an essential foundation. We strongly encourage the General Assembly to continue examining opportunities in future state budgets to further strengthen Connecticut’s R&D ecosystem, including:
These issues are central to BioCT’s ongoing policy agenda and to the long-term success of Connecticut’s life sciences industry.
In conclusion, BioCT commends Governor Lamont and the General Assembly for supporting Section 5 of SB 84 and for recognizing the importance of R&D investment to Connecticut’s economic future. This proposal represents a constructive, pragmatic step forward in making Connecticut a more competitive and welcoming environment for life sciences innovation.
Thank you for the opportunity to testify. BioCT stands ready to serve as a resource as you continue this important work.
Jodie Gillon
President & CEO, BioCT
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