California News

Mar 25, 2014 8:54 AM by Associated Press

GOP candidate Kashkari proposes tax breaks

SACRAMENTO, Calif. (AP) - Republican gubernatorial candidate Neel Kashkari says he would offer a 10-year corporate tax credit for companies that move to California, ask voters to divert nearly $10 billion in high-speed rail bond money to water storage projects and promote fracking for oil and natural gas.

The proposals are included in a jobs plan he is releasing Tuesday.

Kashkari's plan calls for a 10-year corporate income tax moratorium on any business that brings at least 100 new jobs to California or any current company that opens a manufacturing plant.

He says he would sunset all state regulations after 10 years without special approval and push more robust reforms to the state's environmental quality law.

The former U.S. Treasury official hopes to challenge Democratic Gov. Jerry Brown in November.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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