GOVERNOR ROLLS OUT INCENTIVES TO HELP EMPLOYERS KEEP AND INCREASE JOBS IN CALIFORNIA

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May 12, 2014 (Sacramento)--California Governor Jerry Brown is introducing a set of tax credits aimed at keeping companies--and jobs-- in California.  The $750 million package also includes incentives to convince out-of-state employers to move to California.

"These tax credits will spur new jobs and help communities hardest hit by the recession," Governor Brown said.

His plan would reduce the amount of sales tax paid by businesses buying equipment for manufacturing, food processing, biotech, research and development.  It also includes a “California Competes” income tax credit for employers that invest in new jobs in California.

In addition, employers can receive a New Employment Credit on their income taxes if they increase hiring of veterans, recipients of public assistance, and ex-prisoners in areas with high poverty and unemployment levels, though at present, San Diego is not included in the designated areas for that New Employment Credit. 

If the program proves effective at reducing the government’s costs for public assistance and unemployment benefits, then potentially the plan could be expanded in the future.


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