It’s no secret I’ve been highly critical of the Franchise Tax Board’s decision to assess five years and more than a hundred million dollars in retroactive taxes against California small businesses and start-up investors.
Thankfully this wrong was finally righted today with the Governor’s signature of Assembly Bill 1412.
AB 1412 is the product of rare bipartisan legislative cooperation. It will ensure that taxpayers who followed the law in good faith will not be taxed retroactively for doing so.
I commend all involved for their hard work in bringing about a fair and reasonable outcome for California taxpayers.