Senator Gaines' Bill To Help Businesses Save Money Passes Committee
SACRAMENTO – Senator Ted Gaines (R-El Dorado) today announced Senate Bill 13, which will provide much-needed tax relief to the manufacturing, research and development, and agricultural industries by expanding an existing sales and use tax exemption, passed out of the Senate Committee on Governance and Finance.
“I’m pleased to have the Committee’s unanimous support on this important bill that will ensure California businesses capitalize on available tax breaks,” said Senator Gaines. “I’m going to let businesses keep more of their money so they can reinvest it back into their businesses, create more jobs and boost the economy, instead of handing it over to the government. They should be rewarded for their contributions to our state, not continually penalized at every turn.”
Senate Bill 13 seeks to expand the definition of businesses eligible to receive this exemption by including agricultural business activities. It will also expand the definition of a useful life for qualifying tangible personal property purchases.
Senator Gaines introduced this bill on the heels of recent reports indicating that the existing tax exemption has been severely underutilized.