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California Inches Closer to Business Climate for Biotech Growth Addressing the importance of job creation, BayBio and Assemblyman Jerry Hill announced legislation to retain and attract California's second largest employing industry during a press conference at Xdx’s R&D lab in Brisbane, California. Hill’s proposal would create a director of biotechnology in the governor’s office. It would be another step to build on the momentum the state has generated in the last several years. A key proposal passed in 2009 removed a penalty to build facilities in the state. The Single Sales Factor tax apportionment formula removed state taxes on facilities and payrolls of companies operating in California. In 2008, the legislature extended Net Operating Loss (NOL) carry forward from 10 years to 20 years. California Biomedical Jobs Holding Steady
The California Healthcare Institute and PricewaterhouseCoopers have just released the 2010 California Biomedical Industry Report, which shows that the state’s 274,000 biomedical industry jobs are holding steady. The biomedical industry is one of the most recession-resilient sectors in California’s hard-hit economy and a critical driver of innovation, job growth and revenue that will help lead the state to economic recovery. To read the full report, please visit www.chi.org for more information. UPCOMING EVENTS
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