California is the fifth largest economy in the world. Long-term, sustainable investment in our communities will continue to keep our state strong. Treasurer Ma chairs several financing authorities that are perfectly positioned to make such investments. Included among these is an agency – the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) – that awards sales tax benefits to manufacturers, helping them to grow and locate in our state – creating jobs and stronger regional economies.
CAEATFA provided $94.8 million in sales tax benefits to qualified manufacturers, encouraging 18 companies to invest more than $1.1 billion in equipment purchases in rural and urban areas throughout the state, creating strong regional job centers.
The $94.8 million in benefits, provided through the authority’s Sales and Use Tax Exclusion Program, are expected to create and retain 1,077 construction jobs and 12,977 in production jobs. For example, in April, CAEATFA approved tax benefits to Northrop Grumman and Tesla, supporting a total of 8,530 manufacturing jobs.
Treasurer Ma joined workers and pension trustees in April to urge asset managers nationwide to adopt tougher principles to stem workplace sexual harassment and protect workers.
In June, CAEATFA approved up to $20 million in sales tax benefits to Edwards Lifesciences of Irvine to support the expansion of the manufacturing of innovative cardiovascular health solutions, and the retention and creation of 974 production jobs and 90 construction jobs.
Treasurer Ma defended employee safety by taking a strong stand against sexual harassment, assault, and misconduct in the workplace. She is working with Trustees United – an organization made up of pension trustees, institutional investors, and asset managers across California, as well as members of the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS). The coalition is asking investors to adopt four principles, and to follow California’s lead by eliminating non-disclosure agreements in claims of sexual assault, harassment or discrimination based on sex.
Treasurer Ma and her team also:
Fought to protect small business jobs against out-of-state and online retailers like eBay, Etsy, and Amazon that were not collecting sales and use taxes. She partnered with Assemblymember Autumn Burke and Senator Mike McGuire on AB 147, which protects brick and mortar jobs. This legislation modernizes California tax law to be consistent with the Supreme Court’s decision requiring online and out-of-state retailers without a physical presence in California to begin paying their fair share of taxes on October 1, 2019.
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Served as the agent for sale on more than $7.4 billion in bonds this spring for a wide variety of infrastructure and economic development projects throughout the state that will create or sustain thousands of construction and long-term jobs.
Provided tax-exempt private activity green bond authorization through the California Pollution Control Financing Authority (CPCFA) for $80 million in tax-exempt bonds to build CalPlant I in Willows, Glenn County, supporting 325 construction and 115 full time production jobs, as well as up to 450 part-time jobs during the straw collection period each fall.
When construction is complete this fall, CalPlant I will be the world’s first commercial-scale producer of rice straw-based medium density fiberboard.
Above is the CalPlant I press that will be used in the manufacturing process.