California green tax credit signed (Silicon Valley)
Gov. Arnold Schwarzenegger on Wednesday signed a new tax law for green technology manufacturing during a visit to Nanosolar Inc. in San Jose.
The law frees clean tech companies in California from paying sales taxes on manufacturing equipment that they buy.
"SB71 will send a clear message to every CEO and every entrepreneur and innovator that if you invest in the clean future of California, then California will invest in you," Schwarzenegger said.
Pre-SB71, California was one of three states that taxed the purchase of manufacturing equipment.
Read the full post in the Silicon Valley/San Jose Business Journal.
According to Earth2Tech, officials at Nanosolar say the company will save tens of millions of dollars, and expand its business in California because of the incentive.
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