Manufacturers express disappointment on State Budget
Sept. 19, 2008 CMTA President Jack M. Stewart offered this statement in response to passage of the state budget:
"I am disappointed that lawmakers were not able to reach agreement on a spending plan and budget reform that would put California's fiscal house in order. I am also concerned that the proposed budget package will impose new costs on employers and add to the already negative business climate in the state. The research and development credit is vital to support the innovation we need to stay ahead of global competition and move California forward. Reducing the R&D credit, as well as the support provided by the Enterprise Zone credits, will discourage innovation and send a signal that California is not prepared to lead the global economy with new products, industries and solutions for our environmental and economic challenges. CMTA will work with legislative and business leaders in the coming months to develop a plan for the next budget that will put our economy back on the path to success."