California: Remember the Taxes You Didn't Owe? Surprise!by Wendy McElroy
Feb. 28, 2013
WATCH: Did Hillary Clinton Give Hand Signals to Debate Moderator Lester Holt?
Megyn Kelly Exposes Hillary Shill 'Miss Universe' Alicia Machado As A Liar
Feminists Say It's 'Racist And Sexist' for Italians to Have Italian Babies
New York: White Man Slashed by Black Man in Racially Motivated Attack
WATCH: Did Hillary Clinton Have a 'Seizure' During Last Night's Debate?
California cannot chase business away fast enough, it seems: high taxes, cap-and-trade, voracious unions, bankrupt cities, and now retroactive taxation.
Shortly before the Christmas holidays and oh so quietly, the California Franchise Tax Board (FTB) rescinded a tax break that dated back to 1993. The Qualified Small Business Stock (QSBS) exclusion allowed small businesses and investors who met certain conditions to exclude or to defer 50 percent of the profits of sold stock from their personal income taxes. The incentive was intended to lure startup companies of under $50 million into the state.