SACRAMENTO — The Golden State Innovation Act has garnered a broad coalition of support since its introduction on February 11, 2021. Patient-advocacy groups, life sciences companies and 28 California Legislators have joined in support of Assembly Bill 593. This bill will restore the Research and Development (R&D) Tax Credit and Net Operating Loss (NOL) deductions for Life Sciences companies in California, at a pivotal point in the state’s pandemic response and recovery.
“At its core, restoring the R&D tax credit is giving California the tools to save lives and to put this pandemic nightmare behind us,” said Assemblywoman Cottie Petrie-Norris (D-Laguna Beach). “Tax incentives are some of the most important policy levers we can pull to enable the development of life-saving vaccines, treatments and therapies.”
Recent provisions in the American Rescue Act prohibit state tax cuts upon receiving funding from the federal government, however the R&D tax credit has a long history in California and supporters of AB 593 continue to back the efforts to reinstate the pre-existing R&D tax credit and NOL deductions for the Life Sciences.
*MEDIA ADVISORY*
Wednesday, March 24, 2021
10:30-11 a.m.
Reporters will have the opportunity to ask questions
PARTICIPANTS:
- Assemblywoman Cottie Petrie-Norris
- Oliver Rocroi, Vice President, Federal Government Relations & External Affairs, California Life Sciences Association
- Matt Horton, Director of the Center for Regional Economics and CA Center, Milken Institute