California lawmakers pass tax credit for developer of stealth bomber
Source: Reuters/Yahoo
SACRAMENTO Calif. (Reuters) - California lawmakers on Thursday passed a tax credit meant to lure aerospace companies working on a new stealth bomber to the state, but the measure will benefit only one of two teams of companies fighting to win the contract.
The plan to offer $420 million in tax breaks to an unnamed aerospace company, said by both sides to be Lockheed Martin Corp, exposed sharp divisions among Democrats and led many in the party's progressive wing to vote against the measure.
"This is just more corporate welfare, ladies and gentlemen," said Democratic state Senator Ben Hueso. "This is money we don't need to pay out, leaving our state to people who don't need it."
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