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| For Immediate Release February 21, 2003 |
Sacramento, CA- - In a press conference on February 19, 2003, Legislative Analyst Elizabeth Hill released her annual analysis of the Governor’s proposed 2003-2004 budget.
In her presentation, Hill suggested that taking away the Manufacturers Investment Credit (MIC) could help close the budget shortfall and that, “the MIC did not generate the number of jobs indicated when it was enacted in 1994.”
 Stewart |
In a state where companies face 32 percent higher operating costs compared to the national average, the MIC encourages increased business investment, which leads to increased economic activity.
“One of the most important tax credits for business currently on the books is the Manufacturers Investment Credit. In member surveys conducted by our association, numerous companies confirmed that the MIC is responsible for significant job growth and retention.”
“The most damaging thing California can do now to its business community and economy is take away the Manufacturers Investment Credit. Employers are looking for ways to both offset the high cost of doing business and absorb the current economic recession so they can continue to operate here in California. The state clearly should be finding ways to stimulate California’s business community to grow and invest so we can start to regain the 187,000 high-paying manufacturing jobs lost over the last two years.” concluded Stewart.
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