Gov. Arnold Schwarzenegger, R-Calif., has signed S.B.71, which was sponsored by Sen. Alex Padilla, D-Pacoima. This legislation will create a sales tax exemption for the purchase of greentech manufacturing equipment in California. This tax exemption is a part of the governor's California Jobs Initiative, a legislative package that will create or retain at least 100,000 jobs.
‘S.B.71 will expand our cleantech industry and bring the green jobs and businesses we need to rebuild California's economy – we're sending a clear message to every entrepreneur and innovator that it pays to invest in a clean future for California,’ says Schwarzenegger.
S.B.71 will allow California to maintain this competitive edge by expanding the range of projects that may be approved for a sales-tax exemption to include all cleantech manufacturers. This targeted sales-tax exemption will not cost the state tax dollars; it will increase revenue by expanding the number of cleantech manufacturing companies with sites in California.
SOURCE: Office of Gov. Arnold Schwarzenegger
