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Article posted Feb 28 2013, 12:02 AM Category: Economy Source: Wendy McElroy Print

California: Remember the Taxes You Didn't Owe? Surprise!

by Wendy McElroy

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Shortly before the Christmas holidays and oh so quietly, the California Franchise Tax Board (FTB) rescinded a tax break that dated back to 1993.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.

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Comments Add Comment Page 1 of 1
Nickel's 2bits

Posted: Feb 27 2013, 11:35 PM

97104 Seems to me it'd be only fair if we issued a replevin for the legislature's pay over those 20 years; since they are the ones that created this unconstitutional law and allowed it to continue to exist.

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