Cervantes Introduces Bill to Help Small Businesses Stay Competitive in Today’s Economy

(SACRAMENTO) – Assemblymember Sabrina Cervantes (D-Corona) has introduced a bill relating to the California Competes Tax Credit Program. The California Competes Tax Credit, administered by the Governor’s Office of Business and Economic Development (GO-Biz), is an income tax credit available to small businesses that wish to establish a business, or stay and grow in California. The bill, Assembly Bill 162, would make more small businesses eligible to apply for the program.

“Small and medium-sized businesses are critical to the economic foundation of our communities,” said Assemblymember Cervantes. “It is important that we as legislators do even more to cut taxes in an effort to support the small business community. AB 162 is a step in the right direction to help create jobs in my district and across California.”

The bill would increase the amount of annual gross receipts reported by a small business needed to be eligible for the California Competes Tax Credit Program from less than $2 million to less than $4 million annually.

AB 162 will next be referred to an Assembly policy committee by the Assembly Rules Committee.

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Sabrina Cervantes represents the 60th District in the California State Assembly, which encompasses the communities of Corona, Eastvale, Jurupa Valley, Norco, and a portion of the City of Riverside.