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California Legislature OK's tax break for small businesses

By ADAM BEAM
Associated Press
SACRAMENTO, Calif. (AP) â The California Legislature approved a major tax break for small businesses on Monday, voting to give up as much as $6.8 billion in revenue over the next six years so that struggling business owners can have smaller bills.
The federal government loaned more than $97 billion to California small businesses during the coronavirus pandemic, and most business owners did not have to pay that money back. Business owners used most of that money to pay the salaries of their employees, which prevented â or at least delayed â layoffs during the pandemic.
In December, Congress said business owners could deduct expenses associated with those loans from their federal taxes. The bill that passed the California Legislature on Monday would let business owners deduct those expenses from their state taxes, too. ....

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California Legislature OK's tax break for small businesses - Santa Monica Daily Press

ADAM BEAM, Associated Press
The California Legislature approved a major tax break for small businesses on Monday, voting to give up as much as $6.8 billion in revenue over the next six years so that struggling business owners can have smaller bills.
The federal government loaned more than $97 billion to California small businesses during the coronavirus pandemic, and most business owners did not have to pay that money back. Business owners used most of that money to pay the salaries of their employees, which prevented or at least delayed layoffs during the pandemic.
In December, Congress said business owners could deduct expenses associated with those loans from their federal taxes. The bill that passed the California Legislature on Monday would let business owners deduct those expenses from their state taxes, too. ....

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California Legislature OK's Tax Break for Small Businesses

California Legislature OK's Tax Break for Small Businesses
nbcsandiego.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nbcsandiego.com Daily Mail and Mail on Sunday newspapers.

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Lawmakers give California businesses tax break on PPP loans

SACRAMENTO
California lawmakers on Monday approved the last part of a COVID-19 economic recovery package, sending the governor a bill he supports that provides up to $6.8 billion in state tax breaks for California businesses.
Gov. Gavin Newsom and lawmakers negotiated the provisions of the bill, which allows businesses to avoid paying state taxes on forgiven loans from the federal Paycheck Protection Program and to deduct expenses paid for using the loan funds.
“AB 80 provides significant and immediate tax relief to California businesses devastated by the coronavirus pandemic,” said Assemblywoman Autumn Burke (D-Marina del Rey), the author of the bill approved Monday by the state Assembly a week after it was acted on by the Senate. ....

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Lawmakers give California businesses tax break on forgiven PPP loans to boost COVID-19 recovery

Lawmakers give California businesses tax break on forgiven PPP loans to boost COVID-19 recovery
yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.

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