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| For Immediate Release June 12, 2003 |
Sacramento, CA- -
The California Manufacturers & Technology Association (CMTA), teamed up with a group of business representatives and trade associations, charged into the Capitol yesterday and met with more than 25 legislative offices to advocate the importance of the Manufacturers Investment Credit (MIC) and ask for an indefinite extension.The MIC was enacted in the early 1990’s during a severe budget shortfall, which helped offset California’s higher cost of doing business, provided stimulus to the manufacturing sector, and improved California’s tarnished business climate.
The state faces similar challenges today, and without the MIC, more businesses will be forced to lay off employees, reduce production, relocate elsewhere, or, in some cases, even shut down.
“California’s economy cannot afford to lose one more manufacturing job or business. An extension of the MIC is an essential first step in saving California’s business climate and the jobs it creates”, explained Jack M. Stewart, President of CMTA.
With 283,000 lost manufacturing jobs since January 2001, including 5,200 in April alone, and a $38 billion budget deficit, California needs the economic stimulus that the MIC generates now more than ever.