Tax Breaks for Startups and Small Businesses Still Possible

If passed Senate Bill #209 will give taxpayers the ability to deduct 38% or defer profits made by selling small business stock in California.  Investors in California used to be able to deduct 50% however the Franchise Tax Board got rid of this back in December after the court ruled that the tax deduction was discriminating against other investments.

Supporters of this bill are hoping the state will restore these tax deductions that would help give startup firms a break..