Florez, CALPIRG join forces to raise state’s “D” grade for reporting spending

SACRAMENTO – Senate Majority Leader Dean Florez (D-Shafter) will hold a news conference Wednesday morning in Sacramento, introducing legislation to bring greater transparency to state spending, particularly billions of dollars in corporate tax subsidies.

A lack of reporting on tax subsidies given to corporations in California was one reason California received a “D” grade today on its reporting of government spending, based on a report introduced by bill sponsor California Public Interest Research Group (CALPIRG).

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Corporations in California are projected to receive more than $4 billion in tax subsidies from the state this year, yet the state lacks the transparency of requiring corporations to release tax breaks they receive that are over $1000.

Florez is joining CALPIRG in introducing legislation to correct this situation.

“There are many valuable purposes for these subsidies, from economic development to job creation,” said Florez, “But these corporations need to be held up to a public light, both to keep them honest and meet the ultimate goals of the subsidies, and in fairness to the hardworking taxpayers of this state.”

In CALPIRG’s report, California was credited with making efforts to become more transparent, but, as CALPIRG consumer advocate Pedro Morillas noted, “Given the current severity of our budget problems, Californians need to be confident that they can follow the money.”

Florez’s bill on tracking of state tax subsidies will be introduced in the Sixth Extraordinary Session relating to Tax Reform.  Wednesday’s news conference will be held at 10:30 a.m. in Room 313 of the California State Capitol.

Cross-Posted From CaCampaign2010NewsWire.com