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Lawmakers tweak new business incentive program

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POSTED July 3, 2013 10:11 p.m.

SACRAMENTO (AP) — The state Legislature has passed further changes to an economic development program that California lawmakers overhauled last week.

The Senate and Assembly voted Wednesday to extend a sales tax exemption for manufacturing and research-and-development equipment to eight years.

The credit would have expired for some businesses after 4 1/2 years, which Republicans said was too soon.

Lawmakers last week voted to redirect $750 million in tax credits from the enterprise zone program to three new economic development efforts. They include revised hiring tax credits and the sales tax exemption.

SB90 also specifically excludes strip clubs from receiving hiring tax credits, as some did in Sacramento County.

The legislation passed the Assembly 67-0 and the Senate 36-1.

Gov. Jerry Brown sought the changes to the enterprise zone program

 

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