Government
Feb. 20, 2013
Bill would end state tax deduction for punitive damages
A bill by Assembly Judiciary Committee Chairman Bob Wieckowski would keep businesses for claiming expemptions for punitive damages awards.
Daily Journal Staff Writer
A newly proposed bill would force businesses to think twice about litigation.
Assembly Bill 458, introduced by Assembly Judiciary Committee Chairman Bob Wieckowski, D-Fremont, would prevent businesses from deducting punitive damages payouts from their state taxes.
In a news release issued Tuesday, Wieckowski called such deductions a "loophole."
"No corporation should g...
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