Aug 15, 2014 4:42 PM by News Staff
SACRAMENTO, Calif. (AP) - Gov. Jerry Brown has signed legislation extending a state tax credit to aerospace giant Northrop Grumman Corp., after approving a similar deal for its competitor, Lockheed Martin Corp.
Brown's office announced Friday that he signed SB718 by Democratic Sen. Richard Roth of Riverside and Republican Sen. Stephen Knight of Palmdale. It expands a $420 million aerospace tax credit lawmakers approved in July for Lockheed Martin.
Both companies have facilities near Palmdale and are bidding for a $55 billion Pentagon stealth bomber contract.
Lawmakers last month approved the tax credit, at the request of Brown's office, to benefit a joint bid being submitted by Lockheed and Boeing Co.
The governor signed the fast-tracked AB2389 into law after his office assured competitor Northrop Grumman Corp. that it would receive a similar deal.
Copyright 2014 The Associated Press. All rights reserved.
1 day ago