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California’s taxable sales totaled $136 billion in the third quarter of 2008, down $3.8 billion from the third quarter of 2007.
This was the fifth straight quarter of declines in taxable sales, lasting longer than either of the recessions in 1991 or 2001.
Income growth continued to be much stronger than taxable sales, a trend in evidence since early 2007.
In the nine-county San Francisco Bay Area, taxable sales decreased 2.3 percent from the same quarter the previous year, a performance only slightly better than the 2.7 percent decline for California as a whole.
In Oakland, taxable sales declined 16.9 percent, which is just 3.4 percent of the total taxable sales in the First Equalization District.
In San Francisco, taxable sales rose by 5.3 percent in the third quarter of 2008, which represents 12.8 percent of the total taxable sales in the First Equalization District.
In San Jose, taxable sales declined by 0.9 percent, which is 10.6 percent of the First District’s total.
In constant dollar terms, taxable sales decreased by 7.5 percent over the same quarter a year ago. The California Taxable Sales Deflator measured an inflation rate of 5.1 percent for the third quarter of 2008. By comparison, the California CPI rose 4.6 percent. Record-high gas prices were largely responsible for the increase in the deflator.
The decline in the first three quarters constant-dollar taxable sales of 2008 have not been as steep since 1991. Constant-dollar taxable sales have decreased since the third quarter of 2007, which has not happened since 1993.
While taxable sales declined 2.7 percent in the third quarter, income rose 3.0 percent. This is consistent with typical growth patterns during periods of economic weakness. Historical data show that quarterly taxable sales rose much less rapidly than incomes in the early 1980s, the early 1990s and early in this decade.
Taxable Sales in California is a quarterly report on retail sales activity in California, as measured by transactions subject to sales and use tax. It includes data about statewide taxable sales by type of business, as well as data about taxable sales in all California cities and counties from the first quarter of 2000 through the third quarter of 2008 and can be viewed on the BOE Web site at: www.boe.ca.gov/news/tsalescont.htm .
View all TAXABLE SALEs in California for the third quarter of 2008 here: www.boe.ca.gov/news/tsalescont08.htm .
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Energy storage technology allows consumers to purchase electricity during off-peak hours and save it to use during peak hours. This will reduce consumers’ electricity bills and greatly enhance the reliability of alternative energy sources such as solar and wind.
“Investing in new technology such as thermal energy storage will help create new jobs and save people money on their electricity bills,” said Congressman Thompson. “Distributed energy storage technologies are also a great way for out country to reduce greenhouse gas emissions and our dependence on fossil fuels. Just as important, the jobs created by the manufacture and installation of these new technologies would come at a critical time for the U.S. economy.”
The current electricity infrastructure is highly inefficient. The ability to store energy will allow consumers to use more renewable energy by, for example, collecting solar energy during the day and storing it for use at night. Allowing consumers to reduce their electricity demand with thermal energy storage is also a way to reduce unnecessary electricity generation and waste.
Congressman Thompson added, “As is the case with many new energy technologies, numerous barriers exist that impede the adoption of these beneficial and cost-effective new technologies. These Federal tax incentives will enable us to take steps towards achieving energy security and slowing global warming, while advancing the creation of a smart grid energy infrastructure.”
This bill will be assigned to the House Ways & Means Committee.
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The business is now located at 601 N. Forbes St., Lakeport.
The grand opening will take place from 4 p.m. to 7 p.m. Thursday, Oct. 29.
The ribbon cutting will take place at 6 p.m.
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A package of options under the State Energy Program (SEP) and the Energy Efficient and Conservation Block Grants (EECBG) Program offer local jurisdictions, non-profits and private organizations the opportunity to invest in energy efficiency and photovoltaic energy projects – while helping to stimulate their local economies. Governor Schwarzenegger announced that California was the first state in the nation to apply federally for SEP funding available under the Recovery Act.
“California was the first state in the nation to apply for this [SEP] funding and we encourage local governments and public organizations throughout the state to take advantage of this opportunity,” said California Task Force Director Cynthia Bryant. “This funding will enable organizations to lower energy costs, reduce greenhouse gas emissions and help infuse new jobs in communities throughout California.”
Energy Efficient and Conservation Block Grants (EECBG) Program. More than $36 million in direct allocations to 265 eligible small cities and 44 eligible small counties is available to help implement cost-effective energy efficient projects.
The California Energy Commission estimates that energy efficiency investments from the EECBG Program can save 61.2 million kWh of electricity; reduce CO2 emissions by 22,541 tons, save local jurisdictions in excess of $9 million per year and will save or create over 500 new jobs for communities across the state.
The EECBG Guidelines and a simple application process are now available online. Proposals are due to the Energy Commission by Jan. 10, 2010. Applicants will have until approximately September 2012 to complete their projects.
State Energy Program (SEP): Up to $95 million is available for energy projects focused on residential and commercial building retrofits and on-site photovoltaic system installation. The Energy Commission estimates that retrofitting California’s aged and inefficient residential and non-residential structures through the SEP could save 164.6 million kWh of energy annually and save or create more than 2,100 jobs.
Funding is available under a competitive solicitation process in three areas: the California Comprehensive Residential Building Retrofit Program, the Municipal and Commercial Building Targeted Measure Retrofit Program, and the Municipal Financing Program. The SEP Guidelines, solicitations, and descriptions of the funding areas are now available online. Proposals are due to the Energy Commission by Nov. 30, 2009. Applicants will have until March 31, 2012 to complete their projects.
Additionally, local governments and public entities are encouraged to get the most from any federal funding by combining an EECBG Program grant or SEP funding award with a low interest loan. The SEP Loan Program will offer two interest rates – a new one percent interest loan funded using $25 million in added ARRA monies and the current three percent interest ECAA program funded from the existing state-funded loan program. The simple applications are available online. Four local governments, County of Marin, City of Los Angeles, City of Carlsbad and the Town of Hillsborough have already taken advantage of the one percent interest loan for more than $5.8 million to help leverage their block grants.
For more information about SEP or the EECBG Program, the Low Interest Loan Program or other energy-related federal stimulus funding and programs, visit the California Energy Commission’s Recovery page at http://energy.ca.gov/recovery/index.html .
Governor Schwarzenegger created the California Recovery Task Force to track the American Recovery and Reinvestment Act funding coming into the state; work with President Barack Obama's administration; help cities, counties, non-profits, and others access the available funding; ensure that the funding funneled through the state is spent efficiently and effectively; and maintain a Web site that is frequently and thoroughly updated for Californians to be able to track the stimulus dollars.
The Task Force can be reached through its Web site, www.recovery.ca.gov , or by telephone at 916-322-4688.