Posts Tagged: $75 billion
A photo illustration of California's tax code. (Image: Vitalii Vodolazskyi, via Shutterstock)
OPINION: As part of the 2020-21 state budget accord, the governor and Legislature enacted AB 85, a budget trailer bill that enacted several tax law changes, including a three-year suspension of the net operating loss deduction and a cap on the use of business tax credits.
Paul Gann, center, author of the 1979 initiative governing excess tax revenue, and Howard Jarvis celebrate the passage of Proposition 13. (Photo, June 1978/ AP file)
OPINION: Let’s not confuse Gov. Gavin Newsom’s proposal to provide $12 billion in new stimulus checks with the state’s constitutional mandate to return excess revenues to taxpayers. That seems to be the goal of those who believe taxpayer refunds are a bad idea and are looking for ways to keep a greater part of the newly announced state surplus to spend.