New tax-hike plan touted
June 28, 2012
A Berkeley Democrat’s effort to alter the way California assesses taxes for many state taxpayers faces an uncertain future, needing two-thirds of the Assembly to back it.
Assemblywoman Nancy Skinner has introduced legislation to disallow the use of net operating loss carrybacks by individual and corporate taxpayers. Currently, the law allows those losses to be spread over several years.
The bill requires a two-thirds vote because it would be, in effect, a new tax levy. Skinner’s proposal resides in the Assembly Committee on Government and Finance.