Posted on 08/20/2013 10:26:37 AM PDT by matt04
Small-business investors in California were promised big breaks five years ago, but now theyre 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.
And its killing small businesses, says Ken DeVore, with the National Federation of Independent Businesses.
It sends a message that you cant trust government. If you comply in good faith with the rules, they can go back and penalize you.
(Excerpt) Read more at sacramento.cbslocal.com ...
Yup! That’ll learn em!
Instead of walling off the Southern border, we should wall off CA on the US side, and funnel all the illegals into CA from the South.
News bulletin to @hole libs...
Producers, as in small businesses in this case, don't "pay back" ANYTHING to their tyrannical CA government overlord. All they do is PAY. Tax breaks are just additional funds that the small businesses EARNED themselves that the government didn't STEAL the first time around.
You don't "pay back" money that you yourself earned to someone who wants to steal it.
Non-libs needs to call these liberal media scum on their language bias whenever it happens. This one is blatant.
Laughing at California after their “transgendered student bill” and ALL the rest of the mess they’ve created after 20+ years one party rule!
It is part of the California State and Consumer Services Agency
Hahaha. Consumer services. The consumer is the state taking as much of you money as possible.
Yes, but, now they have 5 years of retroactive taxes to collect. Done on purpose, I think.
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