Committee Hearing Summary

Three Enterprise Zone related bills were heard this morning:

• AB 2502 would allow small businesses to apply tax credits to tax more sources of tax liability. So far it has three aye votes and one nay vote; it is on call untill the two other committee members are asked for their votes.
• AB 2589 would change the apportionment limitation on tax credit usage. This bill passed out of the committee and now goes to the Rev. & Tax. Committee.
• AB 2709 adds foster youth as a new qualification category for enterprise zones. This bill also passed out of the committee.
  

Update: There was a final vote tally on AB 2502 on 4/18 with 4 aye votes and 1 no vote passing the bill out of committee to the Rev. & Tax. Committee. Subsequently there was an amendment made to the bill on 4/20 removing one of the limitations for allowing broader use of the credits. As it stands, this bill applies to businesses employing under 50 people.