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UNOFFICIAL COPY 26 RS BR 2587
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A RESOLUTION encouraging Kentucky policymakers to study, develop, and 1
implement economic development policies to incentivize biopharmaceutical investment 2
and innovation in Kentucky. 3
WHEREAS, the Commonwealth has made significant investments in 4
pharmaceutical research in recent years, both through recurring general fund 5
commitments and consequential, one-time expenditures into projects like the LifeSciKY, 6
a lab incu bator accelerating science, entrepreneurship, education, and economic 7
development; and 8
WHEREAS, biopharmaceutical investment and innovation is a major economic 9
driver, with the potential to bring many high-paying jobs to the Commonwealth; and 10
WHEREAS, each phase of the biopharmaceutical innovation process requires 11
immense amounts of brainpower and capital, and inventors and investors look to mitigate 12
their risk by moving to locations that provide better investment incentives; and 13
WHEREAS, the state of Indiana recently announced a $1 billion commitment in the 14
form of tax credits to attract major biopharmaceutical companies to their state, with the 15
goal of creating 100,000 new high-wage jobs over the next 10 years; and 16
WHEREAS, the Commonwealth is home to many talented minds that, without the 17
proper incentives, may move elsewhere to invest and develop these types of life-changing 18
innovations; and 19
WHEREAS, the Commonwealth would benefit greatly by implementing policies 20
that strengthen biopharmaceutical investmen t and innovation and would attract and keep 21
these important developments in the Commonwealth; 22
NOW, THEREFORE, 23
Be it resolved by the Senate of the General Assembly of the Commonwealth of 24
Kentucky: 25
Section 1. The Senate hereby encourages Kentucky policymakers to study, 26
develop, and implement economic development policies to incentivize biopharmaceutical 27
UNOFFICIAL COPY 26 RS BR 2587
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investment and innovation in the Commonwealth, including but not limited to: 1
(1) The creation of tax cred its, grants, or similar incentive mechanisms that 2
meaningfully support research and development investments by both commercial stage 3
entities and pre-revenue and early-stage biopharmaceutical companies; 4
(2) The establishment of graduated incentive tiers th at provide enhanced benefits 5
for companies that are headquartered in the Commonwealth, or relocate their principal 6
place of business to the Commonwealth, in recognition that biopharmaceutical 7
investment generates high -quality jobs beyond research and devel opment, including but 8
not limited to finance, accounting, legal, regulatory, business development, human 9
resources, manufacturing, and executive leadership roles, and that incentive structures 10
should encourage the full corporate and operational footprint of these companies to reside 11
in Kentucky; 12
(3) The development of a dedicated and reliable funding pool, to support such 13
incentives and to ensure the Commonwealth remains competitive with peer states making 14
substantially larger commitments to attract life sc iences investments, including existing 15
incentive programs in other sectors of the Commonwealth that exceed this level of annual 16
funding; and 17
(4) The alignment of any such incentive program with the Commonwealth's 18
existing investments in life sciences infra structure, workforce development, and research 19
commercialization, so as to maximize return on investment, retain homegrown 20
innovation, and attract external capital to the Commonwealth. 21
Section 2. The Clerk of the Senate is directed to transmit a copy of this 22
Resolution to Senator Shelley Funke Frommeyer for distribution. 23