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.
A credit card equipped with a chip. (Photo: Petratiu, via Shutterstock)Consumers are increasingly using credit and debit cards to transact purchases, from lattes to electronics. Unfortunately with that evolution comes financial fraud. As a victim of credit card fraud I can speak firsthand about the ensuing difficulties, even with financial institutions willing to help. Currently, the United States is the only major economic power in the world that still uses outdated magnetic stripe cards coupled with a faulty signature verification process.
State Capitol, Sacramento. Photo: WikimediaThe new poltical landscape reflects such things as redistricting, the top-two primary and the majority-vote budget. Partisanship even seems to be waning –gasp! — in Sacramento, as some Republicans crossed party lines to support driver’s licenses for undocumented immigrants and liberals behaved pragmatically in order to pass a fracking bill. Does a new day loom in the Capitol? The Millennials hope so. (Photo: Eddie Villanueva)
The CalSTRS board was told last week that it’s unclear whether the new liability figure will be reported by the state or spread among school districts, where more than doubling current debt might lower credit ratings and drive up borrowing costs.