California Assembly Passes Aerospace Tax Credit Bill

Democratic Assemblyman Steve Fox says his bill would help California’s effort to attract and retain thousands of high paying aerospace jobs.

“They’re going to be able to take this tax credit and put it as part of their application,” says Fox. “They’re going to be able to go get the jobs now. They’re going to win the contracts, they’re going to bring the bacon home.”

Backers of the bill say aerospace firms could earn $25 million per year in tax breaks in the first five years alone of the proposed 15 year credit.

Republicans criticized Democratic leaders for replacing an old bill with this new one, rushing it through committee, and pushing it through the full Assembly in 24 hours.

Backers of the legislation say if it is to matter, the measure must pass before bids are due at the Defense Department next month. The bill goes now to the Senate.