(SACRAMENTO) â Today, Assembly Bill 162 (AB 162) by Assemblywoman Sharon Quirk-Silva (D-Orange County), and Assemblymember Sabrina Cervantes (D-Corona) was approved on the Assembly floor by a bipartisan vote of 65-0. AB 162 would make more small businesses eligible for the California Competes tax cut administered by the Governorâs Office of Business and Economic Development (GO-Biz). The tax cut is available to small businesses that wish to establish a business, or stay and grow an existing business, in California.
âAs the Chair of the Jobs Committee, I know how important the California Competes Tax Credit is to businesses,â Assemblywoman Quirk-Silva said. âSmall businesses are critical to the strength of local economies and communities. They give opportunities to people with entrepreneurial spirits and the will to work hard, and are the cornerstone of the American Dream.â
AB 162 will change, for the purposes of the California Competes program, how a âsmall businessâ is defined. A business with fifty or fewer employees will be eligible to apply for the tax cut. This will make the California Competes program accessible to small businesses. Currently, yearly revenue is used to determine whether a small business is eligible.
âSmall and medium-sized businesses are critical to the economic foundation of our communities,â Assemblymember Cervantes said. âIt is important that we as legislators do even more to cut taxes to support the small business community. AB 162 is a step in the right direction to help create jobs in my district and across California.â
More information about the bill can be found here.
And for further information, I invite you to visit my website.