CIRM's funding of stem cell research has the primary goal of generating new therapies, but those funds also create tax income for the state.
In 2012 an independent analysis looked at the tax revenue that would be generated for the state from funded awards, which represented $1.2 billion in total funding.
That report took the following factors into account:
- income taxes paid on jobs created by our funding—including new construction jobs for our 12 Major Facilities and salaries paid to scientists, lab technicians and other personnel; and
- property and sales taxes generated from those people whose jobs were created through CIRM initiatives.
Based on those first $1.2 billion in funding, the report predicted that the agency will have generated $286 million in tax revenues for the state by 2014.
CIRM's funding in the state has inspired institutions and private individuals to further invest in stem cell research. In 2008, we committed $271 million to create 12 new research spaces in California with the caveat that the institutions had to come up with the additional money they'd need to finish construction. Those institutions brought in $543 million in donations and other commitments that might otherwise have been given outside the state or to fields other than stem cell research.
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Outside the State
Our funding has also inspired organizations outside California to invest in stem cell research—thereby speeding therapies that help everyone.
CIRM is collaborating with funding organizations in the U.S. and internationally to collaborate on research programs. When one of these collaborative partners applies for a CIRM award along with a California scientist, CIRM funds the portion of that work that takes place in California, and our partner pays for the research in their jurisdiction. With this arrangement, CIRM funding is encouraging other organizations to invest in stem cell research.
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Collaborative Funding Partners