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94%  
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  • State Budget Deal Includes Tax Break For Wealthy Firm

    10/06/2010 9:40:28 AM PDT · by KingofZion · 5 replies
    Los Angeles Times ^ | October 6, 2010 | Jack Dolan
    Buried in the details of the deal to close California's $19-billion budget deficit is a roughly $30-million tax break crafted to benefit a company owned by members of one of the state's richest and most politically influential families, according to a legislative analysis obtained by The Times. The provision, which will allow the Humboldt Redwood Co. to deduct $20 million in old losses from future taxes, is also expected to cover penalties and interest for the firm co-owned by three sons of Donald G. Fisher, founder of the Gap and Banana Republic, said company Chairman Sandy Dean. The tax break...