California State Treasurer Fiona Ma praised Governor Gavin Newsom for once again earmarking $500 million in state low-income housing tax credits to the California Tax Credit Allocation Committee (CTAC), which she chairs, and for doubling a program that offers critical tax incentives to California manufacturers.
“Two thumbs up to Governor Gavin Newsom for allocating more funds in his budget to programs that work to finance critically needed low-income housing, retain and save jobs, and help reduce the emission of greenhouse gases,” said Treasurer Ma.
Housing production benefited greatly when the Governor took similar action last year.
“We approved more housing units last year than any other year since 2000, and the tax credits were a big reason for that,” said Treasurer Ma, who chairs CTCAC and the California Debt Limit Allocation Committee (CDLAC).
The Governor has also allocated $100 million for the Sales and Use Tax Exclusion Program that is operated by the State Treasurer’s Office and designed to provide California manufacturers with a tax exclusion on purchased products, components or systems. The extra funds will double the size of the popular program, which last year was oversubscribed.
“These manufacturers create tens of thousands of high-paying, permanent jobs that bolster the state’s economy, while also saving energy and helping our state meet its ambitious goals to reduce greenhouse gas emissions,” said Treasurer Ma.
Additionally, the Treasurer is elated about the $1.5 billion earmarked by Governor Gavin Newsom to boost electric and hydrogen vehicles. She is the chair of the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA). It supports California’s mission to provide financial incentives to cutting-edge companies by offering a sales and use tax exclusion to manufacturers that promote alternative energy and advanced transportation.
This article was released by the California State Treasurer’s Office.