Gino DiCaro

Senate Likely to Pass Budget Sunday

By Gino DiCaro, VP, Communications

Capitol Update, July 25, 2003 Share this on FacebookTweet thisEmail this to a friend

Senate leaders from both sides of the aisle have announced their agreement on a state budget plan. The Senate is scheduled to meet Sunday at 6:00 pm to put their plan up for a vote and it is expected that there are a sufficient number of votes for passage. This budget proposal assumes the termination of the Manufacturers Investment Credit (MIC) and, as a result, a 6 percent tax increase on the cost of investments for California manufacturers. CMTA and member companies continue to pressure lawmakers in both houses for an extension of the MIC as part of this year’s budget.

This budget plan also reportedly contains a $35 million reduction for the Employment Training Panel (ETP). Taking this reduction into account, the ETP will be left with $39 million.

There are no indications from the Assembly as to whether or not they will approve the Senate’s budget deal.
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