California R&D tax credit bill will provide 24% credit on research costs at universities, cancer centers.
This article was originally published in The Gray Sheet
Executive SummaryCALIFORNIA R&D TAX CREDIT DESIGNED TO BOLSTER CLINICAL RESEARCH in the state is part of a comprehensive tax package approved by the California Assembly and Senate Aug. 31. Under the package, pharmaceutical, biotech and medical device companies will be able to apply a 24% credit to funds spent on clinical research in university-owned hospitals and certain cancer centers in the state. California Gov. Pete Wilson (R) has endorsed the tax deal in principle and is expected to sign the measure before the end of September.
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