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BioCommunique Article

Governor Signs State Budget

  • 2019-06-27T13:24:00.000+0000
  • California
  • Author: Jimmy Jackson

On Thursday, June 27, Governor Gavin Newsom signed into law the $214.8 billion 2019-2020 state budget. His press release on the signing can be found here.

Within the budget trailer bills, accompanying bills which actually implement the policy elements of the budget, the authorization for the California Initiative to Advance Precision Medicine, which was scheduled to expire January 1, 2020, was extended to January 1, 2026.

The budget also conforms certain CA tax law to the 2017 federal tax reform law, including elimination of net operating loss (NOL) carrybacks, to fund the expansion of the earned income tax credit. NOL carry-forwards, a priority for Biocom members, are not affected.

A summary of the budget prepared by Biocom’s contract Sacramento lobbying firm, Sloat Higgins Jensen & Associates, can be found here.