SACRAMENTO – On May 26, 2021, the Milken Institute, a non-profit and nonpartisan think tank, will join Assemblymembers Cottie Petrie-Norris and Kevin Mullin to discuss findings from their newest report on the effects of the Research and Development Tax Credit on Pandemic recovery and workforce development. This report outlines the vital role of the life sciences industry in California and the positive impact that state research and development tax credits have on sustaining growth in the industry.
In response to the economic impact of the COVID-19 pandemic, the 2019-2020 budget limited the use of business incentive tax credits for research and development to no more than $5 million for tax years 2020, 2021 & 2022. In addition, it suspended the use of the net operating loss deduction for businesses with revenues in excess of $1 million.
“These reductions were intended to help California survive the anticipated fiscal shortfall brought by the COVID-19 pandemic,” said Assemblywoman Cottie Petrie-Norris (D-Laguna Beach). “We face a much different reality today with a once-in-a-lifetime $75 billion budget surplus and have the opportunity to restore these tax incentives which fuel our innovation economy and produce high quality jobs.”
Wednesday, May 26, 2021
10:30-11 a.m.
Reporters will have the opportunity to ask questions
PARTICIPANTS:
- Assemblywoman Cottie Petrie-Norris
- Assemblymember Kevin Mullin, Chair of the Select Committee on Biotechnology
- Matt Horton, Director of the Center for Regional Economics and CA Center, Milken Institute
- Oliver Rocroi, Vice President, Federal Government Relations & External Affairs, California Life Sciences Association