A new package of tax credits in Gov. Jerry Brown’s reformation of California’s enterprise zones could help manufacturers and some biotech and medical device companies buy R&D equipment.
But for the biotech industry, it means more than dollars saved, as substantial as that cash might be.
The new law phases out enterprise zone credits and replaces them with a sales and use tax exemption, a hiring credit and the “California Competes” tax credit. Together, those changes could save biotech companies hundreds of millions of dollars a year.
Read more: San Francisco Business Times State tax breaks cheer biotechs