Updated: California Governor Jerry Brown signed both Assembly Bill 93 and Senate Bill 90 on July 11, 2013
The California State Assembly approved Senate amendments to Assembly Bill 93 on June 27, 2013. The bill now awaits the governor’s signature. The bill makes sweeping changes to the California Enterprise Zone credit program, replacing most of the current program with a new hiring credit, a new sales and use tax exemption, and a negotiable tax credit for certain investments. The governor has advocated for these changes and is expected to sign the legislation into law. Once enacted, the new incentives will apply beginning January 1, 2014, unless otherwise noted. Set forth below are highlights of the new legislation.