SAN DIEGO (AP) — California Gov. Jerry Brown said Tuesday that he was optimistic that lawmakers will agree this week to end a tax break for companies based outside the state, signaling he was willing to modify his proposal in an effort to stop what he called a "toxic loophole."

The Democratic governor said some Republican lawmakers already support the plan and that they were working to persuade others in the party.

"I don't want to count the chickens before they're hatched, but there is a lot of cackling going on, so that bodes well," Brown told employees at the San Diego headquarters of Gen-Probe Inc., a medical diagnostics maker that says it would save $4 million a year under his plan.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Employer-Paid
Employee-Paid