Governor’s Budget Eliminates Enterprise Zone Program
Governor Brown’s recently released May budget revision calls for the elimination of the enterprise zone program. The governor’s plan, which assumes $98 billion in revenue and calls for $97 billion dollars in general fund spending, reallocates a smaller portion of the exiting hiring tax to specific areas with high unemployment and poverty rates. Under the governor’s proposal, the net interest deduction for lenders would also be eliminated and a new sales tax exemption for manufacturing equipment purchases is created, worth $200 million dollars.For a comparison of Governor Brown’s plan to the existing program, please click here.
For further information please contact Jason Lane, VP of government relations at (916) 438-4420.