The California State Treasurer's Office manages affairs related to investments, banking, and finance. They preside over and promote the economic aspects of development, housing, health, education, community investments, small businesses, and environment.
The CAEATFA Sales and Use Tax Exclusion (STE) Program is designed to support manufacturers by offering sales and use tax exclusions on purchases of qualified property. This property must be utilized primarily for processing recycled feedstock, advanced manufacturing processes, or the manufacture of alternative source products or advanced transportation technologies. The program is targeted at businesses planning new manufacturing facilities or expanding/upgrading existing ones. Successful applicants are granted an STE award, exempting their qualified purchases from state and local sales and use tax. The program outlines specific criteria for what constitutes qualified property, generally including manufacturing machinery and equipment, and specifies the usage requirements for these purchases. Annually, the program has a cap of $110 million in tax exclusions, with individual applicant caps and provisions for competitive awards and smaller projects.