Security Industry Association (SIA) testified before the California Assembly Committee on Revenue and Taxation in support of California Assembly Bill 976, legislation that would establish a tax credit program for small retailers in disadvantaged communities who purchase or install security equipment.
The bill, introduced Feb. 20 by Assembly Member Anamarie Ávila Farías (D-15), would create a tax program modeled after New York’s Commercial Security Tax Credit program, but narrower in scope – focused on small retail businesses operating in disadvantaged communities – to assist businesses with one-time costs associated with the purchase and installation of new security equipment.
Implement the protections
“Small retail businesses – especially those in communities with higher levels of crime – struggle to implement the protections required to safeguard their employees, merchandise and livelihoods,” said George Sewell, manager of government relations at SIA.
“Theft impacting small retailers causes harm not just to business owners, but also to customers in the form of higher prices to make up losses and to governments in lost sales tax revenue, and retail crime also fuels in-store violence that costs victims their lives.”
Businesses invest in security equipment
SIA is the organizational sponsor of this legislation, which is also supported by the California Retailers Association, the Family Business Association of California, and NFIB California.
“Retail theft is a serious challenge for both businesses and consumers, especially for small businesses in disadvantaged communities where security costs can be a major burden,” said Ávila Farías. “AB 976 creates a tax credit program to help businesses invest in security equipment, making it easier to protect their stores, support local economies and reduce costs for all Californians.”
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