• Businesses Face Prospect of Losing Tax Deductions and Credits


    LOS ANGELES (CNS) – Backers of an initiative to eliminate the additional state income tax deductions and credits businesses operating in enterprise zones may take received permission today from Secretary of State Debra Bowen to begin gathering signatures.

    If approved by voters, what backers have dubbed as the Corporate Tax Break Accountability Act would result in increased state revenues of $1 billion per year upon full implementation, according to an estimate prepared by the Legislative Analyst’s Office and Director of Finance Ana J. Matosantos.

    There would also be potential net increases or decreases in revenues of certain local governments depending on how the elimination of enterprise zones affects future businesses about where to locate, according to the estimate.

    Valid signatures from 504,760 registered voters — 5 percent of the total votes cast for governor in the 2010 general election — must be submitted by Dec. 2 to qualify the measure for the November 2014 ballot.

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