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Legislative Bill Action
<br /> the state desires to take over the ~sk of certifying Trade, and Commerce Agency (T[CA) would be
<br /> which businesses are "California-based" companies required to establish the California New Markets
<br /> per the definitions in § 1903(a), then it might be Venture Capital Program. Under the program, I'[CA
<br /> more workable. Additionally, how is SB 1666 in- would be authorized to enter into participation
<br /> tended to be different than Government Code agreements with eligible California New Markets
<br /> sections 4330-4334 which already provide a prefer- Venture Capital companies, guarantee debentures of
<br /> ence for California-made materials (although not these companies to enable them to make develop-
<br /> services), but which was found to be unconstitu- mental venture investments in smaller enterprises in
<br /> tional a few decades ago? See 53 Ops. Atty. Gen 72, Iow-or moderate-income geographic areas, and make
<br /> 2-11-70. Finally, if California erects such a barrier to grants to these companies and other entitles to
<br /> companies in other states, we would expect other provide operational assistance to smaller enterprises
<br /> states to do the same. The result will be a restriction financed, or.expected to be financed, by those
<br /> in trade. California would probably be hurt more by companies. (No funding appears to be designated
<br /> such trade restrictions than it would be helped, for this purpose.)
<br /> Even an out-of-state contractor will hire local sub-
<br /> contractors and laborers, and will spend money while This bill also enacts the California Neighborhood
<br /> in the city doing the work, so the benefit of a local Initiative that would require the Governor to desig-
<br /> prime contractor is negligible. Staff: Natesha nato an agency that would designate, and annually
<br /> Fooman, Status: SenGO;Hrg-4/16, Position: Oppose re-certify, 25 California renewal communities within
<br /> Unless Amended. the state, subject to specified criteria, to be linked
<br /> with available federal funding, public or private
<br /> SB 1687 (Margett). Public Contracts. Bids, resources, and specified state resources.
<br /> Internet. SB 1687 authorizes public entities to adopt
<br /> methods and procedures to receive bids on public SB 1300 also proposes two tax credits:
<br />works contracts over the Internet, if no bid can be
<br />opened before the bid deadline and all bids can be · A tax credit of (39%) against those taxes for each
<br />verified authentic. It also provides for contracting taxable year beginning on or after January 1,
<br />and payment by electronic transmission. Cities 2002, for the purchase of a qualified equity
<br />already have the authority to accept bids over the investment, as defined, in qualified investment
<br />Internet. SB 161~? actually limits the broad author- entities that invest in qualified Iow-income
<br />ity already in place in Public Contract Code section community businesses, as provided.
<br />1600 for the "issuance of solicitation documents, · A tax credit in an amount equal to 20% of the fair
<br />and the receipt of responses thereto" Its qualifiers market value of any qualified contribution, as
<br />about opening bids before the dead,,ne and veri~/- defined, made on or after January 1, 2002, and
<br />lng bids as authentic, are limitations not found before January 1, 2007, to a nonprofit housing
<br />currently found in section 1600. Staff: Natasha or community development organization, as
<br />Fooman, Status: $enGO;Hrg-4/16, Position: Review provided.
<br />and Comment.
<br /> The author is attempting to promote economic
<br />HOUSING AND LAND USE development in lower income communities through
<br /> tax credits, and by enacting a state version of the
<br /> SB 1300 (Haynes). California New Markets federal New Markets Tax.Credit. Staff: Dan Carrigg,
<br />Venture Capital Program Act of 2002. SB 1300 enacts Status: SenHou&ComDev;Hrg-4/15, Position: Support
<br />the California New Markets Venture Capital Program inConcept.
<br />Act of 2002, pursuant to which the Technology,
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<br />PAGE 6/PRIORITY FOCUS Visit the League's Official Web Site--www. cacities.org
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