Biotech tax bill is passed

The California State Assembly Wednesday unanimously passed a bill which could assist biotechnology companies at risk of losing tax deductions awarded because the industries’ long development cycles.

Allowing biotechnology companies to deduct (net operating losses) over 20 years, instead of 10, encourages investments in medical science and provides additional revenue for emerging biotechnology companies,” the bill’s author, Assemblywoman Sally Lieber, D-Mountain View, said in an analysis of the bill.

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