Senator Moorlach, Assemblyman Choi Address Business Leaders at Greater Irvine Chamber
Thursday, August 03, 2017
At their August 3 Government Affairs Meeting, the Greater Irvine Chamber hosted Senator John Moorlach and Assemblyman Steven Choi. Senator Moorlach and Assemblyman Choi gave updates about the political climate in Sacramento, the major pieces of legislation that were recently passed, and the status of California’s finances.
Senator Moorlach specifically touched on the financial situation in the state stating that we need to encourage businesses to come and stay in California, instead of imposing taxes that create burdens for employers. Both Moorlach and Choi touched on Senate Bill 1, the recently passed gas tax legislation and the extension of cap and trade. Both bills were controversial but managed to pass and were signed by Governor Jerry Brown.
SB1 uses and increase in gasoline taxes to fund transportation and infrastructure projects around the state for the next decade. The state has estimated the tax will result in more than $50 billion in revenues to be used for road repairs and improvements. The cap and trade bill extended the policy for an additional 10 years, ending in 2030. The legislation sets the goal to reduce greenhouse gas emissions back to 1990 levels by capping emissions and allowing companies and manufacturers to buy, sell, and trade their carbon credits on the market. The revenues raised from the sale of credits will be used towards environmental priorities.
Senator Moorlach and Assemblyman Choi both touted some of their accomplishments in the first year of their new terms. Assemblyman Choi pointed Assembly Bill 1216, welcoming businesses to California. The bill provides a tax credit of 17.5 percent of full time wages paid for businesses that move to, or expand in, California. Senator Moorlach has had three bills signed by the Governor in the past month that increases state’s transparency, efficiency, and effectiveness. Senate Bill 665 clarifies the requirements for an organization or association to qualify as a bona fide association of citizens for purposes of submitting an argument on a ballot measure to be included in the voter pamphlet. Senate Bill 671 clarifies the pension prepayment deadline and enable counties to pay more than one year of employer contributions – allowing counties to save money and keep long-term costs down. Senate Bill 742 requires municipalities to adopt Generally Accepted Accounting Principles to be consistent with other jurisdictions that issue bonds.
For more information on Greater Irvine Chamber Government Affairs, contact Whit Peterson.
Category: Chamber News