Assembly Bill (AB) 1716 by Assemblywoman Quirk-Silva (Orange County) successfully passed the Assembly Committee on Revenue and Taxation yesterday with a bipartisan vote. The bill extends the California Competes Tax Credit while also modifying the definition of small business and extends the Sales and Use Tax Exclusion. Funding through this bill supports the development and expansion of manufacturing facilities, and creates much needed jobs.
“It is critical that California does what it can to support manufacturing businesses, as most jobs in our state benefit directly or indirectly by manufacturing. Also, Innovation by manufacturing facilities improve upon existing technologies to fulfill unmet needs, provide goods for untapped markets, and most importantly, look to future needs to stay ahead of the competition. This is necessary to keep the strength of the California economy, which is the 6th largest economy in the world,” said Assemblywoman Quirk-Silva.
“Since inception, the California Competes Tax Credit Program has awarded $493 million in credits in exchange for a commitment of creating and/or retaining over 70.000 jobs and $14.5 billion in new capital investments,” said Assemblywoman Sharon Quirk-Silva.
AB 1716 will be heard next in Assembly Committee on Appropriations.
This article was released by the Office of Assemblywoman Sharon Quirk-Silva.