Financial returns from CIRM funding
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 we asked an independent analyst to look at the tax revenue that would be generated for the state from the awards that we'd funded up to that point. Those awards represented $1.2 billion in funding.
That report took into account income taxes paid on jobs created by our funding, which include new construction jobs for our 12 Major Facilities and salaries paid to scientists, lab technicians and othe personel. It also included property taxes and sales taxes generated from those people whose jobs were created through CIRM initiatives.
Based on those first $1.2 billion in funding, the analyst predicted that the agency would have generated $286 million in tax revenues for the state by 2014.
The original economic impact report from 2010 and the updated 2012 report are both on our Publications page. There's more information about it the findings on the press release announcing the 2012 report.
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. A list of those institutions and their major donors is on our Major Facilities page.
Outside the state
Our funding has also inspired organizations outside California to invest in stem cell research. This funding doesn't directly benefit the state financially, but the investment will speed therapies that help everyone.
CIRM has partnered with funding organizations in the U.S. and internationally to collaborate on research programs. When one of our 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. There's more about our collaborative fundering relationships, along with a list of all awards with collaborative funding, on our collaborative funding partners page.