Fun times for small businesses in California
From the Sacramento, CA
CBS affiliate:
California Wants Small-Business Owners To Pay Back $120 Million In Tax Breaks
Small-business investors in California were promised big breaks five years ago, but now they�re being told to pay up, instead after a court ruling.
After following the law, many of them are getting hit with tax bills as high as $250,000.
�When we make a promise, we have to uphold it,� said Sen. Ted Lieu, D-Redondo Beach.
But that is not what the state government appears to be doing. Small-business owners are getting hefty tax breaks for tax credits they already got five years ago.
�They relied on California law as it was written, that they would get a tax break if they invested in certain kinds of businesses,� Lieu said.
But a court ruled in December that practice by the state was unconstitutional. Now, the Franchise Tax Board wants its money.
A bit more -- remember, this is a television station writing the article:
Investors who could be hit by the retroactive taxes did not want to go on camera, fearing they would become an easy target for the Franchise Tax Board.
990+ comments all along the line of all of the remaining small businesses moving to Texas. Also, the usual trolls...
Posted by DaveH at August 20, 2013 6:29 PM