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AB-755 Local agencies: capital investment incentive program.(2017-2018)

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Date Published: 10/13/2017 02:00 PM
AB755:v93#DOCUMENT

Assembly Bill No. 755
CHAPTER 709

An act to amend Section 51298.5 of the Government Code, relating to economic development.

[ Approved by Governor  October 12, 2017. Filed with Secretary of State  October 12, 2017. ]

LEGISLATIVE COUNSEL'S DIGEST


AB 755, Eduardo Garcia. Local agencies: capital investment incentive program.
Existing law, until January 1, 2018, authorizes a county, city and county, or city to establish a capital investment incentive program, pursuant to which the county, city and county, or city is authorized to pay a capital investment incentive amount to the proponent of a qualified manufacturing facility for up to 15 consecutive years.
This bill would extend that authorization to January 1, 2019.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 51298.5 of the Government Code is amended to read:

51298.5.
 (a) This chapter shall remain in effect only until January 1, 2019.
(b) A capital investment incentive program established pursuant to this chapter before January 1, 2019, may remain in effect for the full term of that program, regardless of the repeal of this chapter.