(SACRAMENTO) – Today, the Assembly Committee on Jobs, Economic Development, and the Economy approved Assembly Bill 162 (AB162) by Assemblywoman Sharon Quirk-Silva (D-Orange County) and Assemblymember Sabrina Cervantes (D-Corona) by a bipartisan vote of 7-0. AB 162 would make more small businesses eligible for the California Competes tax cut administered by the Governor’s Office of Business and Economic Development (GO-Biz). The tax cut is available to establish a business, or stay and grow an existing business, in California.
“As the Chair of the Jobs Committee, I know how important the California Competes Tax Credit is for employers,” Assemblymember Quirk-Silva said. “Small businesses are critical to the strength of local economies and communities. They provide opportunities to people with entrepreneurial spirits and the will to work hard, and are the cornerstone of the American Dream.”