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PRESS RELEASE For Immediate Release February 4, 2003 Contact: Gino DiCaro 916-730-3443 CMTA Testifies at Assembly Hearing On Manufacturers Investment Credit Present at testimony are, from left, Herb Schmidt of Mondavi Wineries, Dorothy Rothrock of CMTA, David Goodreau of the Small Business Association and Ray Rossi of Intel Sacramento, CA- - The California Manufacturers & Technology Association (CMTA) testified yesterday before the Assembly Revenue & Taxation Committee in support of an extension of the Manufacturers Investment Credit (MIC). In her testimony, CMTA Vice President for Government Relations Dorothy Rothrock, stated, "Our ability to solve the budget crisis and grow state revenues depends on a healthy economy, and the MIC was a significant contributor to the booming economy during the 90s." The MIC was implemented in 1994 and has been used by many California manufacturers over the last eight years as one of the few ways to offset the state's disproportionately high operation costs. Ray Rossi, Director of External Tax Affairs for Santa Clara-based Intel Corporation, credits the MIC as a key reason for $1.7 billion in investment the company made in Silicon Valley. "When a policymaker asks me, 'But won't you invest anyway?', the answer is, 'with available resources, yes' ... But the real question is: Where will I invest?" Assemblyman Ronald Calderon (D-Montebello), the author of AB 122, a MIC extension bill, said in his testimony, "Making California less attractive to do business ­ at a time when the state needs its tax revenue ­ would be a monumental mistake." "The question for this committee is whether the MIC is a rational component of a larger plan to stimulate the California economy by encouraging existing manufacturers to stay and expand in California, and for new businesses to grow here. Manufacturing investment and jobs increased since enactment of the MIC, particularly in high-tech, even when other factors in California put our companies at a cost disadvantage compared to their competitors across the country and the globe," concluded Rothrock. In the coming weeks, CMTA will continue to lay out for the Legislature and the media the many compelling economic benefits of California's MIC. ###