CALIFORNIA, USA — A proposition that would keep alive California's first-of-its-kind stem cell research program has a narrow lead.
With about 11 million votes counted, Proposition 14 IS currently ahead 51% to 49%.
If it passes, it would mean a $5.5 billion bond sale that would bail out the California Institute for Regenerative Medicine, which was created by a similar $3 billion bond measure in 2014 but is now nearly broke.
With dozens of stem cell research trials underway, supporters say the money is desperately needed.
Opponents say that in a pandemic-induced economic crisis, California simply can't afford it.
Original story:
California Proposition 14 is a vote to approve $5.5 billion dollars for stem cell research and research facilities in the state. In 2004, California voters approved Proposition 71. It gave legal protection to stem cell research that was hoping to find new medical treatments or cures for everything from Parkinson’s to cancer. Proposition 71 also approved spending more than $3 billion to use for stem cell research and to build research facilities. Since 2004, most of the funding has been spent.
Proposition 14 would help to continue the funding of the existing research program with an additional $5.5 billion. The total estimated cost of the bond is an additional $260 million per year for the next 30 years. The total cost to pay off the bond is estimated to be $7.8 billion ($5.5 billion in bonds + $2.3 billion in interest).
Proposition 14 does offer a chance for the state to make back some money, a unique property compared to most state bonds. If the research leads to new inventions that earn revenue, the state will get a portion of the profits.
So far that’s only raised about $350,000 or about 0.01% of the bond money we’ve already spent on stem cell work since 2004.
Find more background about this proposition as well as opinions from both sides on the California Voter Guide or on your local voter guide.
RELATED: 2020 Election: All about how to vote
What is the full name for Prop 14?
The California Stem Cell Research, Treatments, and Cures Initiative of 2020
What does a YES vote on Prop 14 mean?
A yes vote approves $5.5 billion dollars for stem cell research and research facilities. The money will come from a bond.
What does a NO vote on Prop 14 mean?
A no vote means that the state’s existing stem cell program would start to wind down.
Original filing for Prop 14
►Stay in the know! Sign up now for the Daily Blend Newsletter
WATCH ALSO: