IRVINE, Calif., July 9, 2014 (GLOBE NEWSWIRE) -- Orange County Business Council (OCBC), the leading voice of business in Orange County, commends the California Legislature's approval of Assembly Bill 2389, granting $420 million in tax credits over 15 years for the aerospace industry. More than 6,000 jobs are expected to be created from this bill, helping to boost jobs in one of the state's major industries.
"This measure speaks volumes to the state's commitment to creating and securing much needed, high-skill and high-wage jobs," said Lucy Dunn, President and CEO, OCBC. "The aerospace industry has deep roots in California—and at a time when defense spending is declining—this bill is the assurance the state needs to keep thousands of jobs in the industry's historic home."
The measure, introduced by Assemblyman Steve Fox, is a collaborative effort with the Governor's Office of Business and Economic Development and the aerospace industry to assist aerospace companies currently bidding on Federal Department of Defense projects. The tax credits, which would apply to subcontracting companies that build at least 35 percent of new and advanced strategic aircraft for the U.S. Air Force, could help secure a new bomber contract generating as much as $80 billion in federal spending in California.
"The business community commends GO-Biz in its dedication to grow and retain an industry so critical to the future of California's economic prowess," Dunn said. "The proposed legislation encourages business to expand in California and demonstrates the state's active involvement in cultivating opportunity to spur job creation." Dunn said. "We urge Governor Brown to sign this bill, showing that California is open for business!"
About OCBC:
Orange County Business Council is the leading voice of business in Orange County, California. OCBC represents and promotes the business community, working with government and academia, to enhance Orange County's economic development and prosperity in order to preserve a high quality of life. OCBC serves member and investor businesses with nearly 250,000 employees and 2,000,000 worldwide. In providing a proactive forum for business and supporting organizations, OCBC helps assure the financial growth of America's sixth largest county. For more information, visit www.ocbc.org.