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Government

May 4, 2013

Bill would halt retroactive tax on investor profits

Investors and businesses could benefit from proposed legislation to cancel a retroactive tax increase on investment returns on California startups that recently received support from a state senate committee.


By Paul Jones


Daily Journal Staff Writer


Investors and businesses could benefit from proposed legislation to cancel a retroactive tax increase that recently received support from a state senate committee. SB 209 would nullify approximately $120 million the state Franchise Tax Board recently told investors they owed after it eliminated a longstanding tax incentive in response to a court ruling.


The bill, by Sen. Ted Lieu, D-Torrance, and Asse...

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