Assemblymember Holden Calls On Franchise Tax Board To Reinstate Small Business Owners Tax Credits
SACRAMENTO – Assemblymember Chris Holden (D-Pasadena) has added his name to the growing list of leaders calling on the state Franchise Tax Board to reinstate California’s Small Business Stock Tax Incentives. Assemblymember Holden is also asking the FTB to eliminate the retroactive tax on more than 2,500 entrepreneurs and investors.
“This decision by the Franchise Tax Board just makes no sense for a state still struggling to recover from a recession,” said Holden. “California lost more than a million jobs in the Great Recession; a decision like this one could not only damage job recovery, but could also help other states recruit California businesses.”
Recently, the FTB cancelled California’s Qualified Small Business Stock (QSBS) Incentives program. In addition, they announced they will be issuing retroactive tax assessments on some 2500 small businesses that had previously qualified for the tax incentives.