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Today in LA, Feb. 7

BizFed Hails Economy-Boosting Home-buyer Tax Credit and Green-Tech Legislation

Last Updated: March 29, 2010

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FOR IMMEDIATE RELEASE March 24, 2010

MEDIA CONTACT: Tracy Rafter, 818.429.0862

MEDIA STATEMENT

BizFed Hails Economy-Boosting

Home-buyer Tax Credit and Green-Tech Legislation

LOS ANGELES, CA - Los Angeles County Business Federation strongly commends California lawmakers for passage this week of key home-buyer tax-credit and green-tech legislation that will help provide a significant and much-needed boost to the state's economy.

The $200 million in new state tax credits for home buyers - split among those buying a home for the first time and anyone buying a newly constructed home - will stimulate the crucial housing industry and help create thousands of jobs at a time of staggering unemployment in regions such as Los Angeles County. The state Franchise Tax Board estimates more than 30,000 homeowners could get the tax breaks.

"A similar program last year - with just $100 million in tax credits for just new-home buyers - was wildly popular and provided a big boost for the industry and overall economy," said Holly Schroeder, BizFed's immediate past chair and CEO of the Building Industry Association/Los Angeles Ventura Chapter. "This new legislation is a great development, and I am confident that the expansion of this program will provide even greater stimulus."

BizFed also supports lawmakers' passage of a 10-year sales-tax exemption for businesses purchasing manufacturing equipment for green-technology projects such as high-speed rail, electric vehicles and renewable energy.

"On behalf of tens of thousands of businesses across Los Angeles County, we are gratified to see state lawmakers' attention on economic stimulus and one of our biggest priorities: Creating jobs," said Thomas Flintoft, BizFed's Chair. "We look forward to the governor's signing of these pieces of legislation."

The Los Angeles County Business Federation is a grassroots alliance of more than 70 existing business organizations with over 100,000 businesses whose goal is to effectively mobilize the collective voice of the Los Angeles County business community.

Additional info for BizFed members: · For information from the Governor's office on the signing of the homebuyer tax credit bill go to http://gov.ca.gov/press-release/14712

· For information from the Governor's office on the signing of the green-tech legislation go to http://gov.ca.gov/press-release/14702

· For the full text and background on the Homebuyer Tax Credit bill go to [www.leginfo.ca.gov/cgi-bin/postquery?bill_number=ab_183&sess=CUR&house=B&author=caballero ](http://www.leginfo.ca.gov/cgi-bin/postquery?bill_number=ab_183&sess=CUR&house=B&author=caballero )

· For the full text and background on the "green-tech" bill go to [www.leginfo.ca.gov/cgi-bin/postquery?bill_number=sb_71&sess=CUR&house=B&author=padilla ](http://www.leginfo.ca.gov/cgi-bin/postquery?bill_number=sb_71&sess=CUR&house=B&author=padilla )

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