California Gov. Gavin Newsom's budget proposal could cost businesses in the state $18 billion over the next several years, according to a new analysis.
California Gov. Gavin Newsom pledged that his budget proposal to balance the state's ballooning $45 billion deficit would not include higher taxes on workers or businesses. "I don't see there's a real need right now to increase general taxes in the state, and put more burden on working folks and our competitive posture. I do not believe we need that this year or next year," Newsom, a Democrat, told reporters during a press conference earlier in May.
OTA ultimately sided with Microsoft in its long-running dispute with the Franchise Tax Board over the treatment of its foreign earnings. Microsoft was awarded a $94 million refund – a "significant" decision that tax experts said could bring in millions of dollars for companies that do business in California. The FTB estimated the ruling could cost California about $1.3 billion in refunds immediately and millions more in coming years.
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