Tax break on business costs covered by PPP clears committee

Joint Finance rejects Democrats’ attempts to target the benefit

Democrats on the Legislature’s Joint Finance Committee sought changes Wednesday to more narrowly focus a $450 million state income tax break for businesses that received COVID-19 help from the federal government. But the Republican-controlled committee rejected all of them before sending the measure to the full assembly.

The overall bill, AB-2, primarily consisted of routine, bipartisan changes to the state tax code, mostly to bring it into line with various changes in the federal code...
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- - Volume: 9 - WEEK: 7 Date: 2/11/2021 9:41:23 AM -