In recent weeks and months, there have been many newsworthy legislative events affecting both the life sciences industry and the business community at large. Within that list are two significant national and state provisions that directly impact growing life sciences companies and which merit special discussion.

The first is a provision within the federal housing package signed in late July, allowing for companies to utilize accumulated R&D or AMT credits in lieu of bonus depreciation to which they would have otherwise been entitled. This carries the potential to allow up to $30 million in rebates to life sciences companies. Second, the state budget recently approved by the California legislature and Governor Schwarzenegger included an extension of deductability Net Operating Losses from 10 to 20 years, of which BayBio members have been active advocates of for several years.

Both of these are accompanied by important stipulations and timing limitations. To ensure that the life sciences companies in Northern California are aware of how they can potentially take advantage of these provisions, BayBio is holding a series of seminars on October 27 and 28, presented by local accounting firms, with tax implementation experts as well as briefings by policy directors from BayBio and BIO (Biotechnology Industry Organization).

• Topic: State and National Tax Provisions
  
• When: October 28, 2008
  
• Where: Conference call and BayBio offices, 395 Oyster Point Blvd., Suite 117, South San Francisco
• Cost: Free
  
• Email here to register