(Sacramento)-- Today Assembly Bill 780, authored by Assemblymember Raul Bocanegra (D – Pacoima), passed out of the Assembly Jobs, Economic Development and the Economy Committee on a unanimous vote.
“This bill is a small step towards ensuring that California’s small businesses will have access to much needed working capital” said Assemblymember Bocanegra. “AB 780 provides for a small investment of two million dollars into the state’s network of Small Business Financial Development Corporations (FDC’s). The 11 FDC’s, strategically located around the state are the regional vehicles for the State’s Small Business Loan Guarantee Program.”
Committee manages issues relating to taxes, fees and revenue generation
(Sacramento) – Today, Speaker John A. Pérez appointed newly-inaugurated Assemblymember Raul Bocanegra (D-Pacoima), Chair of the Assembly Revenue and Taxation Committee for the 2013-2014 legislative session. Assemblymember Bocanegra is one of only 10 freshman to be named a committee chair.
"I am honored that the Speaker appointed me to chair this very important committee," said Assemblymember Bocanegra. "As chairman, I want to look at the state's entire tax code and how it should be updated to reflect California in the 21st century. Our current tax system was written for a California of a different size and a different era. We need to update the tax code to help to create new jobs and spur economic development.
Assemblymember Bocanegra was elected to the 39th District in November. He previously served as a college professor and a legislative director and urban planner, where he worked on creating new economic development projects in Los Angeles.. Raul spearheaded the creation of the San Fernando Valley Financial Development Corporation and the Pacoima Development Federal Credit Union, which have helped to generate more than $100 million in investment in the San Fernando Valley.
"Many of my colleagues have already put forward various tax proposals. The Committee will be sure to consider these carefully, however, I want to ensure that California's economic recovery – particularly for the middle-class and small business owners – is allowed to continue," said Bocanegra.
Contact: Ben Golombek – (310) 621-6910