Small business

California Slaps Small-Business Investors with Back Taxes

Just as California Governor Jerry Brown is fending off attacks from Texas Governor Rick Perry, who’s luring California companies to Texas, the Franchise Tax Board has dealt a serious blow to small-business investors. For two decades, California has offered a significant tax break on capital gains to people who make money by investing in companies that have less than $50 million in assets and keep at least 80 percent of their payroll and assets in the state. The break cuts the capital gains rate from 9 percent to 4.5 percent.

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