Brown Courts GOP Votes To Pass Tax Cuts For Calif. Businesses
SAN DIEGO (CBS) — The governor of California headed for the border Tuesday in an effort to garner more support for his jobs initiative.
KNX 1070's Tom Reopelle reports Gov. Jerry Brown discussed his "California Jobs First" plan with business leaders in San Diego.
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Brown stopped by Sorrento Valley biotech firm Gen-Probe to pitch a plan that would reportedly offer over $1 billion in tax relief for businesses that create jobs in the state through 2013.
If passed, the bill would expand an under-utilized tax break to give small businesses with up to 50 employees a $4,000 tax credit for each new in-state hire and offer companies a sales tax exemption for purchases of new manufacturing equipment.
Brown said he wants to eliminate a loophole which he calls a "toxic tax incentive for multi-state businesses to create jobs outside of California."
But the bill does face some uphill battles in its bid to secure the votes of two-thirds of state lawmakers — which ultimately means getting more Republicans on board.
"We seem to picking up a little support from conservative quarters and that makes it helpful," said Brown.
Despite the political headwinds, the governor is hopeful that Sacramento politicians will approve his plan later this week.
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