header image

[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather


 
Calendar
Today in
S.C.V. History
July 18
1928 - L.A. City makes first payment on death & disability claim arising from St. Francis Dam disaster [report]
morgue


George Runner

George Runner

George Runner, member of the California Board of Equalization, is urging the Franchise Tax Board to reverse a controversial staff decision that will seek millions in retroactive taxes from California entrepreneurs and small businesses.

“As an elected official and taxpayer advocate, I cannot remain silent while state tax officials punish California taxpayers who in good faith followed our laws,” Runner said.

The FTB’s staff action was made in response to the Second District Court of Appeal’s decision in Cutler v. Franchise Tax Board that the qualified small business stock exclusion was unconstitutional.

In the past, investors who chose to invest by stock in small California businesses could file for the exclusion. Now that this tax law has been revoked, any money those investors saved between 2008 and 2012 by filing for the stock exclusion will be required in retroactive taxes.

In a letter to the three members of the Franchise Tax Board, Runner calls this action “unwarranted and unfair to taxpayers.”

In his letter, Runner explains that the Second District Court of Appeal’s decision in Cutler v. Franchise Tax Board does not require FTB to take this action. He warns that it “sends entirely the wrong message to investors, entrepreneurs and job creators doing business in our state.”

He later elaborated in an interview that the decision in effect told taxpayers, “You can’t depend on our rules, because we may change them, and if we change them, we’re going to come back and get you later for the rules that you followed.”

Runner joins a growing bi-partisan chorus of California legislators, newspapers and concerned citizens decrying the controversial FTB staff action and calling for its reversal.

To read the FTB December 2012 staff action, click [here]. The text of Runner’s letter is available [here].

Runner encourages those interested in protesting to contact the Franchise Tax Board.

Elected in November 2010, George Runner represents more than nine million Californians as a member of the State Board of Equalization.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


SCV NewsBreak
LOCAL NEWS HEADLINES
Thursday, Jul 18, 2024
Zonta SCV Installs 2024-2026 Leadership
In celebration of Zonta leadership in the Santa Clarita Valley, ten past presidents of the Zonta Club of Santa Clarita Valley hosted the Installation of Officers and Directors for the 2024-2026 biennium on Monday, May 20 at the beautiful patio of Salt Creek Grille in Valencia.
Thursday, Jul 18, 2024
Excessive Heat Advisory Issued for SCV
The Los Angeles County Health Officer has issued an excessive heat warning for the Santa Clarita Valley Friday, July 19 through Wednesday, July 24 as triple digit temperatures have been forecast.
Thursday, Jul 18, 2024
TMU’s 2024 Global Outreach Team Travels the World
Every summer, The Master’s University sends students across the world to partner with missionaries, pastors, and church planters in sharing the gospel and serving local bodies of believers.
Keep Up With Our Facebook

Latest Additions to SCVNews.com
In celebration of Zonta leadership in the Santa Clarita Valley, ten past presidents of the Zonta Club of Santa Clarita Valley hosted the Installation of Officers and Directors for the 2024-2026 biennium on Monday, May 20 at the beautiful patio of Salt Creek Grille in Valencia.
Zonta SCV Installs 2024-2026 Leadership
Summer is here! With the season in full swing and kids starting their school break, the city of Santa Clarita welcomes youth to one of its most popular and long-standing programs:
Marsha McLean | Santa Clarita Community Centers’ Summer Camps
The Los Angeles County Health Officer has issued an excessive heat warning for the Santa Clarita Valley Friday, July 19 through Wednesday, July 24 as triple digit temperatures have been forecast.
Excessive Heat Advisory Issued for SCV
Toby Lite, a middle infielder from Saugus High School has signed his national letter of intent to play baseball at The Master's University.
Saugus High Infielder Toby Lite Signs with TMU Baseball
The Outlets at Tejon are helping kids get ready for the new school year with its Back-to-School Bonanza happening Saturday, Aug. 3, beginning at 1 p.m.
Aug. 3: Back-to-School Bonanza at Tejon Outlets
Every summer, The Master’s University sends students across the world to partner with missionaries, pastors, and church planters in sharing the gospel and serving local bodies of believers.
TMU’s 2024 Global Outreach Team Travels the World
The Santa Clarita Valley Sheriff's Station is asking for the public's help in identifying grand theft suspects in a crime that occurred in Valencia.
LASD Asking for Public’s Help in Identifying Grand Theft Suspects
The Sierra Hillbillies Square and Round Dance club invites the community to a "Back to the Beach" themed square dance Sunday, Aug. 4, from 2 p.m. to 4:30 p.m., at Valencia United Methodist Church.
Aug. 4: Sierra Hillbillies Hosting ‘Back to the Beach’ Square Dance
The William S. Hart Union High School District Governing Board unanimously approved the appointment of Susan Kim as the newest assistant principal at West Ranch High School.
Hart District Appoints Susan Kim New West Ranch Assistant Principal
Several Kaiser Permanente hospitals across Southern California, including Panorama City Medical Center which serves the Santa Clarita Valley, are among the best in the nation and state for delivering safe, high-quality care based on U.S. News & World Report’s 2024-2025 Best Hospitals analysis. 
Kaiser Panorama City Among Best Hospitals for 2024-2025
The Los Angeles County Department of Public Health cautions residents who are planning to visit the following Los Angeles County beaches to avoid swimming, surfing, and playing in ocean waters due to bacterial levels exceeding health standards when last tested.
High Bacterial Levels Continue at L.A. County Beaches
1928 - L.A. City makes first payment on death & disability claim arising from St. Francis Dam disaster [report]
morgue
A Death Cafe Coffee, Cake and Conversation will be held Tuesday, Aug. 6, 630-8:30 p.m. in the Milk and Honey Room at the North Oaks Church of Christ.
Aug. 6: Death Cafe Coffee, Cake, Conversation
The Friends of Santa Clarita Public Library is hosting a “Summer Bag Sale” event at the Valencia, Canyon Country and Newhall branches of the Santa Clarita Public Library, during normal operating hours from Saturday, Aug. 3 to Sunday, Aug. 11.
Aug. 3-11: Friends of the Library Summer Bag Sale
Ryan Mathiesen, the power-hitting, power-throwing pitcher/third baseman for The Master's University baseball team, has been chosen by the Houston Astros in the 14th round of the MLB Draft.
TMU’s Mathiesen Drafted by Astros in 14th Round
The National Academy of Television Arts and Sciences (NATAS) announced the nominees for the 76th Annual Emmy Awards on Wednesday, July 17 at the El Capitan Theatre in Los Angeles. Several California Institute of the Arts alums were recognized for excellence in television across 118 categories.
CalArtians Earn 2024 Emmy Award Nominations
The WiSH Education Foundation Cocktails on the Roof fundraiser will be held Friday, Sept. 6, 7-10 p.m. to benefit student programs in the William S. Hart Union School District.
Sept. 6: Cocktails on the Roof Benefits Hart District Student Programs
The California Competes Tax Credit application periods, amounts available, and committee meeting dates for fiscal year 2024-2025 have been posted here. 
July 22: CalCompetes Tax Credit Applications Begin
The Los Angeles County Department of Public Health cautions residents who are planning to visit the below Los Angeles County beaches to avoid swimming, surfing, and playing in ocean waters:
Ocean Water Warning for July 17
Providence has molded a promise, know me, care for me, ease my way, from ­­­its centuries-old mission of outreach to those most in need.
Providence Earns National Award for Health Equity Program
For the 30th year in a row, the city of Santa Clarita has received an Investment Policy Certificate of Excellence Award from the Association of Public Treasurers of the United States and Canada for its Investment Policy.
Santa Clarita Receives Nationally Acclaimed Finance Award For 30th Year
ARTree Community Art Center has released their schedule for the upcoming fall 2024 season. 
ARTree Releases Fall 2024 Class Schedule
The SCV Chamber of Commerce is thrilled to introduce an exciting new initiative from that's designed to revolutionize the way you do business: SCV Business Hub.
SCV Chamber Announces the SCV Business Hub
Businesses that pay use tax may be eligible to direct a large portion of Use Tax back to Santa Clarita’s general fund for public safety, parks, libraries, infrastructure and other city services and receive a cash rebate on a portion of the Use Tax remitted to the City. 
Santa Clarita Use Tax Rebate Program
SCVNews.com