Please note event timing has changed to 11:30 a.m.
SAN DIEGO – Taking action to help create jobs and grow California’s economy, Governor Edmund G. Brown Jr. will join businesses and working Californians from throughout the state tomorrow in San Diego to sign legislation that revamps the state’s economic development program.
When: Tomorrow, Thursday, July 11, 2013 at 11:30 a.m.
Where: Takeda California Headquarters, 10275 Science Center Drive, San Diego, CA 92121
**NOTE: This signing ceremony is open to invitees and credentialed media only.
The legislation (AB 93 and SB 90), which received broad, bipartisan support in the Legislature, establishes the Governor’s Economic Development Initiative. The Initiative will help bolster California’s business climate and put Californians to work by establishing the following:
• Sales Tax Exemption: A statewide sales tax exemption on manufacturing equipment or research and development equipment purchases for biotech and manufacturing companies;
• Hiring Credits: Hiring credits for businesses in areas with the highest unemployment rate and poverty; and
• Investment Incentives: The opportunity for California businesses to compete for available tax credits based on the number of jobs to be created and retained, wages paid in those jobs and other factors.
The new Initiative will be funded by redirecting approximately $750 million annually from the state’s outdated and ineffective Enterprise Zone program.
For more on what supporters have said about the Governor’s Initiative, click here.