header image

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

Inside
Weather
Santa Clarita CA
Clear
Clear
48°F
 
Calendar
Today in
S.C.V. History
March 24
1922 - Wyatt Earp's wife thanks William S. Hart for defending her husband's honor [story]
Wyatt Earp story


Assemblyman Cameron Smyth, R-Santa Clarita, joined Gov. Jerry Brown and a bipartisan group of legislators Thursday to promote a broad-based tax reform proposal that will close a major corporate tax loophole and provide tax relief to small businesses and the middle class.

“Part of our job as California legislators is to do right by California businesses,” said Smyth.  “Under our current corporate tax structure, we are providing a perverse incentive for companies to locate their facilities and jobs in other states, while continuing to tap into the California sales market.  This proposal creates a mandatory single sales factor, which puts California businesses on a level playing field with their out-of-state competitors.”

In addition to ending the elective single sales factor, under which out-of-state companies can choose from two options when calculating their taxable income, the proposal provides nearly $1 billion in tax relief to small businesses and individual taxpayers.

“Eliminating this loophole is estimated to generate roughly $1 billion in revenue from out-of-state companies, which we’re turning around and putting into the hands of Californians who spend money,” said Smyth.  “The broad-based tax incentives included in this revenue-neutral package will provide substantial tax relief to the middle class and low income taxpayers, and give small businesses additional tools to stay solvent in these uncertain economic times.”

The proposal released today:

* Establishes a mandatory single sales factor, which will bring California about $900 million in the first full year, and $1 billion annually in the future

* Increases the Standard Deduction by $1,000 for individuals and $2,000 for joint filers – a 27% increase that generally benefits lower and middle income renters

* Provides $300 million for a manufacturing sales tax exemption, providing a 4% exemption for start-up firms and a 1% exemption for established companies

* Lowers the Corporate and Personal Income Tax rates on the first $50,000 in business income

* Lowers the Minimum Franchise Tax from $800 to $750

“With this plan, California will join a growing number of states in protecting the businesses that choose to invest within our borders,” said Smyth.  “In recent years we’ve seen Republican governors like Chris Christie (NJ), Rick Perry (TX), and Mitch Daniels (IN) sign legislation implementing the single sales factor.  I’m glad that my colleagues in the Assembly have been able to put politics aside and enact long-term tax reform that benefits California businesses.”

Assemblyman Cameron Smyth represents the 38th Assembly District, which includes the cities of Los Angeles, Santa Clarita, Simi Valley and Glendale.

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, Mar 23, 2023
March 26: St. Stephen’s Hosts ‘Freedom Rider’ Joan Browning Via Zoom
Joan Browning, "Freedom Rider," will appear via Zoom at St. Stephen’s Episcopal Church on Sunday, March 26 at 11:45 a.m.
Thursday, Mar 23, 2023
Thursday COVID Roundup: Total SCV COVID Cases Near 98,900
The Los Angeles County Department of Public Health confirmed 12 new deaths throughout L.A. County, 767 new cases countywide and 15 new cases in the Santa Clarita Valley.
Thursday, Mar 23, 2023
March 28: City Council Regular Meeting
The Santa Clarita City Council will hold a closed session special meeting Tuesday, March 28, beginning at 5:30 p.m., followed immediately by the council's regular open public meeting at 6 p.m. in the City Council Chambers on the First Floor of City Hall, 23920 Valencia Blvd., Santa Clarita, CA 91355.
Keep Up With Our Facebook

Latest Additions to SCVNews.com
1922 - Wyatt Earp's wife thanks William S. Hart for defending her husband's honor [story]
Wyatt Earp story
Joan Browning, "Freedom Rider," will appear via Zoom at St. Stephen’s Episcopal Church on Sunday, March 26 at 11:45 a.m.
March 26: St. Stephen’s Hosts ‘Freedom Rider’ Joan Browning Via Zoom
The Los Angeles County Department of Public Health confirmed 12 new deaths throughout L.A. County, 767 new cases countywide and 15 new cases in the Santa Clarita Valley.
Thursday COVID Roundup: Total SCV COVID Cases Near 98,900
The Santa Clarita City Council will hold a closed session special meeting Tuesday, March 28, beginning at 5:30 p.m., followed immediately by the council's regular open public meeting at 6 p.m. in the City Council Chambers on the First Floor of City Hall, 23920 Valencia Blvd., Santa Clarita, CA 91355.
March 28: City Council Regular Meeting
Angeli Francois, a College of the Canyons English adjunct instructor, has received a 2023 Hayward Award for ‘Excellence in Education’ from the Academic Senate for California Community Colleges for her dedication and commitment to serving and empowering students from diverse backgrounds and experiences.
COC English Instructor Receives Statewide Hayward Award for Excellence in Education
The Santa Clarita Valley Chamber of Commerce has announced the 14th annual State of the County is scheduled for Wednesday, May 31 at 11:30 a.m. at the Hyatt Regency Valencia, 24500 Town Center Drive, Valencia, CA 91355.
May 31: Tickets on Sale for ’14th Annual State of the County’
Guests are invited to search for a golden egg decal placed on any of the Outlets at Tejon, 5701 Outlets at Tejon Parkway, Arvin, CA 93203. retail windows. The Golden Egg Scavenger Hunt will be held April 4-8.
April 4-8: Outlets at Tejon Golden Egg Scavenger Hunt
A free, timely and important LifeForward workshop, “Be the Boss of Your Money – Make it Work for You!” hosted by Zonta Club of Santa Clarita Valley, will be held Saturday, April 1 from 10 a.m. to 12:30 p.m.
April 1: Be the Boss of Your Money LifeForward Workshop
Tucked between the River Village neighborhood at Duane R. Harte Park is one of the most unique and hidden amenities in Santa Clarita. Home to the city of Santa Clarita’s Trail Tales, this serene location offers families and visitors a beautiful spot to take a leisurely walk along the paseos while enjoying the shade of the massive oak trees and reading a children’s story displayed on podiums dotted along the path.
Ken Striplin | Read a Tale Along the Trail!
A total of 56 vulnerable foster youth have found housing with the help of Fostering Youth Independence since the local non-profit’s founding in 2017.
Fostering Youth Independence Works to House Homeless Youth
The Santa Clarita Valley Economic Development Corporation has announced that California-based Vallarta Supermarkets will relocate its corporate headquarters from Pacoima to the Santa Clarita Valley in late 2023.
Vallarta Supermarkets to Move  Corporate HQ to SCV
Officials at Placerita Canyon State Park and Nature Center have closed the popular Canyon Trail, one of the park's longest trails, indefinitely due to damage from recent storms.
Canyon Trail Closed Due to Storm Damage
1886 - Film director Robert N. Bradbury born in Washington state; launched John Wayne's career in Placerita Canyon [watch]
Blue Steel
Playing for the third time in five days, the CSUN women's tennis team extended its longest winning streak since 2015 to nine as the Matadors defeated Chaminade 7-0. CSUN's nine-dual winning streak is tied for the fifth-longest in school history with the 2006 and 2015 teams.
CSUN Women’s Tennis Extends Winning Streak Against Chaminade
The Los Angeles County Department of Public Health confirmed Wednesday no new deaths and 22 new cases in the Santa Clarita Valley, with 12 additional deaths and 537 new cases countywide.
Wednesday COVID Roundup: Santa Clarita Adds 22 New Cases to the Count
The Santa Clarita Public Library is inviting teens and tweens to the Canyon Country Community Center for Teen Fan Fest. 
April 7: Santa Clarita Library Brings Teen Fan Fest To Canyon Country Community Center
Circle of Hope Inc., a non-profit organization in Santa Clarita dedicated to providing emotional, financial, and educational support to individuals and families affected by cancer, is thrilled to announce their upcoming Hoedown For Hope Music Festival and BBQ fundraising event.
May 20: Circle of Hope Announces Hoedown for Hope
The Santa Clarita Artists Association is presenting their 9th annual Spring Art Festival and Sale.
April 30: Art Show At La Chene French Cuisine
Global accounting and consulting giant EY has donated $850,000 to support accounting students and faculty at California State University, Northridge.
EY Gift to Support CSUN Accounting Students, Faculty
Girl Scouts of Greater Los Angeles has openings at its all-girl summer camps and are enrolling now for camps that take place June through August. Openings are at day camps in Inglewood and Claremont, and overnight camps in Frazier Park.
Girl Scout Summer Camps Now Open For Enrollment
Californians who need to renew a permanent disabled person parking placard before June 30, 2023, have 100 days left until their placards expire.
100 Days Left to Renew Disabled Person Parking Placards Expiring in June
Beginning Monday, March 27, crews will start the construction of median modifications, paving, grinding and overlay operations along Plum Canyon Road, between Bouquet Canyon Road and Skyline Ranch Road.
March 27: Plum Canyon Median Modification Begins
1875 - Construction begins on San Fernando Railroad Tunnel [story]
San Fernando Railroad Tunnel
On March 21, 2023, the Los Angeles County Board of Supervisors unanimously approved a motion adopting a plan for the County Probation Department’s halls and camps, specifically as it relates to establishing Secure Youth Treatment Facilities following the transfer of juvenile serious offenders from state to county custody.
Supes Approve Plan to Not House Serious Juvenile Offenders at Camp Scott
SCVNews.com
%d bloggers like this: