As California continues coming to grips with the COVID-19 pandemic, the life science industry has been on the front lines of ensuring a safe re-opening of the economy. By offering quick diagnostic testing, development of new vaccines, and the manufacturing of vital medications and personal protection equipment (PPE), life science companies have been leading the path to recovery for the state.
Restoring the R&D tax credits in the 2021 State budget will ensure that Californians stay on that path by restoring vital tax credits that make these types of developments possible. Without these credits, which were eliminated in the 2020 budget when California expected a large budget deficit as a result of COVID-19,
Without these incentives, California runs the risk of losing thousands of stable, high-paying jobs available to all education levels and ethnicities, and the upper hand on beating the COVID-19 pandemic. Without these important jobs and critical innovations in science, California’s ability to stay on the offensive against COVID-19 and its variants disappears.
Watch the February 16th 2021 Press Conference for AB 593
It’s simple, California needs to restore the life sciences research and development tax credits if we want to ensure a safe and effective long term economic recovery.
