Quirk-Silva Bill to Give Tax Cuts to Small Businesses Approved by Jobs Committee
(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.”
AB 162 will allow businesses with fifty or fewer employees to be eligible 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.
“Small and medium-sized businesses are critical to the economic foundation of our communities,” Assemblymember Cervantes said. “It 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.”
AB 162 will next be heard by the Assembly Appropriations Committee.