Today’s action will give some Main Street entrepreneurs a way around federal SALT caps
SACRAMENTO, Calif., July 16, 2021—The state’s leading small-business association today recognized Gov. Gavin Newsom for signing Assembly Bill 150, which contains a new elective tax for pass-through entities that is a way for smaller businesses to work around the State and Local Tax (SALT) caps slapped on them by the 2017 Tax Cuts and Jobs Act.
“We appreciate the governor for providing a mechanism that will assist Main Street businesses,” said John Kabateck, California state director for the National Federation of Independent Business (NFIB), the state and nation’s leading small-business association. “Those businesses that are structured as pass-through entities will now enjoy a favorable tool when filing taxes. Small businesses could use more direct relief from their government after a year of statewide closures, but are thankful for this recognition. Operators of small businesses are a resilient bunch and are happy to get back to normal after a very bleak 2020.”
Keep up with the latest on California small-business news at www.nfib.com/california, where this release can also be read, or by following NFIB on Twitter @NFIB_CA or on Facebook @NFIB.CA.
For 78 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since its founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.
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