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Ask HN: What do you think of prop 24?
According to Ballotpedia, California Proposition 16 would eliminate the following three tax breaks:
* The "single-sales factor". This allows multi-state corporations to choose whether they will be taxed on property, payroll or sales.
* Loss carry-backs. This allows corporations that are experiencing losses in California's current economy to get refunds for taxes paid up to two years previously.
* Tax credit-sharing. This allows companies with more tax credits than they can use to distribute the tax credits to affiliates.
How do you think this will affect start-ups?
- anigbrowl 16y agoI think you mean Prop 24: http://ballotpedia.org/wiki/index.php/California_Proposition_24,_Repeal_of_Corporate_Tax_Breaks_(2010) http://ballotpedia.org/wiki/index.php/California_Proposition... and http://www.voterguide.sos.ca.gov/pdf/english/24-title-summ-analysis.pdf http://www.voterguide.sos.ca.gov/pdf/english/24-title-summ-a... I'm not a US citizen, so I can't vote. But I might note that this proposition does not so much eliminate tax breaks as prevent their introduction. The three rule changes are all new tax policies which come into effect from FY2011 onwards. In other words, the proposition aims to keep things as they are now. Draw your own conclusions. I doubt these would have any significant effect on a startup in its first few years of operation, it seems more likely to impact larger established firms.
- wtracy 16y agoThanks, I fixed the title--I don't know where the heck I got 16 from.