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California R&D tax credit bill would provide 24% credit on research costs at universities, cancer centers.

Executive Summary

CALIFORNIA R&D TAX CREDIT DESIGNED TO BOLSTER CLINICAL RESEARCH in the state is part of a comprehensive tax package agreed to Aug. 27 and expected to be approved by the California Assembly and Senate. 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. Gov. 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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