October 28, 2013

Budget Negotiations and Real Tax Reform Should Lead to Long-Term Predictability for American Small Businesses and Economic Growth

WASHINGTON - U.S. Senator Ben Cardin (D-MD), a member of the Senate Small Business and Entrepreneurship Committee, met with small business owners at the BioPark at the University of Maryland in Baltimore today to discuss how the recent government shutdown has impacted local businesses, particularly those involved in long-term research and development. Central to the discussion was what outcomes businesses hope to see come out of the current budget negotiations.

 

"We are developing incredible advancements in medical and bio technology right here in Maryland through private-public partnerships. But we will lose ground and waste resources if the federal government cannot provide predictability to our budget and overall economy. We need to ensure that the federal government is a partner, not an obstacle, helping to assist small businesses and other companies as they strive to be the best and most innovative in their field,” Senator Cardin. "American companies are at a competitive disadvantage because of our basic tax structure. I want a tax code that makes sense, promotes investment in R&D, and strengthens our infrastructure. Innovation and forward thinking requires predictability in the tax code.

 

In response to questions about the likelihood of a long-term budget deal, Senator Cardin responded:  “We have to avoid governing from crisis to crisis. We have to make decisions. We have to find a way to work with everyone around the table, otherwise real people and businesses get hurt. We need to get back to the center where this country wants us to be.”

 

The University of Maryland's 12-acre biomedical research park, the University of Maryland BioPark, is driving the commercialization of new drugs, diagnostics and devices, bringing much-needed laboratory and office space to the area and encouraging collaboration among biotechnology companies and the university. Two multi-tenant lab and office buildings totalling 356,000 square feet and housing 30 tenants have been completed. A third commercial building is expected to begin construction.

 

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