Governor touts ‘Jobs First’ plan at Sorrento Valley biotech company
City News ServiceGov. Jerry Brown touted his jobs plan Tuesday at a Sorrento Valley biotech company, an effort that would provide tax incentives for companies to hire within the state.
The governor made his pitch at Gen-Probe for his “California Jobs First’’ plan that, if passed, 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
Too many small businesses are currently ineligible for the credit, which would be available through 2013, Brown said.
The idea is hurry up and take advantage of it and hire in the face of this recession,’' he said.
The governor also wants to eliminate what he calls
a toxic loophole’’ in the tax code that gives companies that operate in multiple states incentives to hire employees outside California. Any tax code revision requires a two- thirds majority of the Legislature for passage.