Key Facts About Prop 71
YES on 71 will help turn the hope for cures into reality.
As widely reported in the news, recent medical research has revealed
that human stem cells mayprovide breakthrough cures for many common
diseases and injuries. Stem cells are "unspecialized" cells that have the
ability to generate healthy new cells, tissues and organs. As a result, they have the potential to provide cures for diabetes, cancer, heart disease, Alzheimer's disease, multiple sclerosis, HIV/AIDS, Parkinson's disease, ALS, osteoporosis, spinal cord injuries and many other devastating medical conditions.
Proposition 71, the Stem Cell Research and Cures Initiative, is designed to turn the hope for those cures into reality, by using tax-free state bonds to fund stem cell research at California's medical research facilities.
The lives of millions of children and adults are at stake.
It's estimated that 128 million Americans suffer from diseases and injuries that could be treated or cured with stem cell therapies. These devastating medical conditions affect a child or adult in nearly half of all families.
In fact, almost everyone has loved ones or friends whose lives could be saved if adequate funding is made available to develop stem cell cures.
YES on 71 will close the current funding gap.
Unfortunately, political roadblocks have severely limited federal funding for some of the most promising areas of this new frontier in medical research. And, at present, our state has no effective mechanism to fund stem cell research.
Prop 71 provides an affordable solution that closes this critical research funding gap.
YES on 71 protects taxpayers and our state budget.
Prop 71 won’t increase or create any taxes. It authorizes tax-free state bonds that will provide an average of $295 million per year over ten years to support stem cell research at California universities, medical schools and research facilities.
These bonds will be self-financing during the first five years, so there’s no cost to the state’s general fund during this period of economic recovery.
Strict fiscal and ethical controls are included.
Research grants from the bond funds will be allocated by an Independent Citizen’s Oversight Committee, guided by top medical experts, representatives of disease advocacy groups and financial experts.
Prop 71 includes strict provisions to protect patient rights and privacy – and it prohibits any funding for cloning to create babies. It's totally focused on finding medical cures. It also requires independent audits, public hearings and annual reports to the public.
More jobs for our economy – more revenues for our state.
The research funded by Prop 71 will make California a world leader in stem cell research. It will create thousands of new, good paying jobs and generate an estimated $185 million in the first 10 years in new state tax revenues.
The state will also have the opportunity to share in royalties resulting from the research – generating additional new state revenues for decades to come.
An opportunity to reduce skyrocketing health care costs.
California has the highest total health care spending costs in the nation – over $110 billion per year. A huge share of those costs is caused by diseases and injuries that could be cured with stem cell therapies.
If the Stem Cell Research and Cures Initiative leads to cures that reduce our health care costs by only one percent, it will pay for itself. And, the potential savings could be far greater – possibly reducing our health care costs by tens of billions of dollars in the decades ahead.