Making Los Angeles a Hub for the Biotechnology Industry
Posted by Councilmember Englander on October 23, 2015 at 12:00 PM
This Wednesday, my motion to analyze the estimated fiscal and economic impact of reducing or eliminating business taxes on biotechnology firms in Los Angeles was passed unanimously by the City Council. Earlier this month, the Budget and Finance Committee instructed the CAO, CLA and Office of Finance to report back to the committee within 45 days with a proposed definition of “biotechnology firm;” provide current City of Los Angeles information on existing biotechnology firms and report back on examples of incentives that other cities have used to attract biotechnology firms.
The impetus for my motion was a compellingarticle written by USC President, C. L. Max Nikias who wrote that even though universities in Los Angeles County graduate more than 5,000 graduates in biotechnology-related fields each year, compared with 2,800 in San Francisco-Oakland-Fremont, San Francisco attracted $1.15 billion in biotechnology investment in 2013, compared with only $45 million here. We are educating northern California’s workforce and those people are creating jobs and revenues there, and not here.
The 2014 Battelle Report on Advancing a Master Plan for Biosciences Development in Los Angeles County sites “supportive business tax and regulatory policies” as one of the 8 critical ingredients for building a critical mass in the biosciences in states and regions. Enacting my motion is a huge step forward in attracting the biotechnology investment we would like to see right here in Los Angeles.
-Mitchell Englander, Vice-Chair of the Budget and Finance Committee
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