Marcus Aurelius
08-21-2013, 07:26 AM
http://www.foxnews.com/politics/2013/08/21/calif-small-business-owners-ordered-to-pay-back-millions-in-tax-breaks/
Small business owners in California who were promised big tax breaks by the state government are now being ordered to pay possibly thousands in back taxes after a court ruling last year.
CBS Sacramento reports the state promised the tax breaks for opening certain kinds of businesses five years ago, but a court ruled the practice unconstitutional in December.
Now, the California Franchise Tax Board wants their money. The station reports an estimated 2,000 small businesses will be forced to pay up their retroactive taxes, totaling as much as $120 million. Some businesses will face a bill of as much as $200,000.
California Sen. Ted Lieu, D-Redondo Beach, is fighting back against the taxes. His bill to block the taxes passed a Senate panel last month, and now faces a fiscal review from the Senate Appropriations Committee.
“When we make a promise, we have to uphold it,” Lieu tells CBS Sacramento.
Lieu told committee members before the bill passed he believed it is unfair to punish taxpayers for following the law as it was written at the time.
Lieu is gonna have his membership in the DNC stripped if he keeps acting this way.
Small business owners in California who were promised big tax breaks by the state government are now being ordered to pay possibly thousands in back taxes after a court ruling last year.
CBS Sacramento reports the state promised the tax breaks for opening certain kinds of businesses five years ago, but a court ruled the practice unconstitutional in December.
Now, the California Franchise Tax Board wants their money. The station reports an estimated 2,000 small businesses will be forced to pay up their retroactive taxes, totaling as much as $120 million. Some businesses will face a bill of as much as $200,000.
California Sen. Ted Lieu, D-Redondo Beach, is fighting back against the taxes. His bill to block the taxes passed a Senate panel last month, and now faces a fiscal review from the Senate Appropriations Committee.
“When we make a promise, we have to uphold it,” Lieu tells CBS Sacramento.
Lieu told committee members before the bill passed he believed it is unfair to punish taxpayers for following the law as it was written at the time.
Lieu is gonna have his membership in the DNC stripped if he keeps acting this way.