Franchise Tax Board – Page 2

California’s Last-Minute Budget Maneuver: Retroactive Corporate Taxes on Foreign Dividends

June 14, 2024 2:45 amJune 14, 2024 7:28 am

Imagine if, after carefully planning your household budget based on existing tax rules, you received a letter from the state demanding back taxes for the last five years. That’s exactly what the newest version of the Assembly’s budget proposes for businesses...

Franchise Tax Board To Take Back $360 Million In Unclaimed Middle Class Tax Refund Money Next Week

May 25, 2024 2:55 amMay 25, 2024 2:56 am

The California Franchise Tax Board (FTB) prepared for over $360 million dollars to be reverted back to the State General Fund from the Better For Families Tax Refund Fund this week as much of the Middle Class Tax Refund money...

SB 220: New Tax Increases and Relief Proposal

May 28, 2023 7:54 amMay 28, 2023 8:01 am

On May 25, the Senate Budget and Fiscal Review Committee gutted-and-amended Senate Bill 220 to put forth their tax reform package, which has received opposition from Governor Gavin Newman and would require a 2/3 vote of each house. Section 1...

Underground Economic Activities in California

November 26, 2022 8:08 amNovember 26, 2022 8:16 am

Part 12.3 of Division 3 of Title 2 of the California Government Code concerns underground economic activities. Government Code Section 15925 authorizes an agency to request of information from the Employment Development Department, the California Department of Tax and Fee...

California ‘Inflation Relief’ Checks Will Go Out Later This Week

October 4, 2022 2:30 amOctober 3, 2022 8:17 pm

This week, the first inflation relief checks for Californians, known as the Middle Class Tax Refund, are to be sent out. During the spring and summer, the Governor and state legislators butted heads on how to best hand out the...

Bill To End Tax-Exempt Status For ‘Insurrectionist’ Non-Profits Vetoed By Gov. Newsom

September 23, 2022 12:52 pm

A bill to end state tax-exempt status for nonprofit organizations that “participate in or incite efforts to overthrow the United States government or any state government” was vetoed by Governor Newsom on Thursday following polarizing votes in both houses of...

California Tax Budget Trailer Bill Review

August 27, 2022 5:47 pmAugust 27, 2022 6:01 pm

On August 26, Assembly Bill 158 by the Assembly Committee on Budget was gutted-and-amended to deal with tax relief. The bill would amend Sections 17053.71, 17131.8, 23628, and 24308.6 of, add Section 17053.75 to, and repeal and add Section 19551.3...