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December 24, 2013 > Small-business owners to receive millions

Small-business owners to receive millions

Submitted By Brian Miller

Michelle Steel, Vice Chair of the State Board of Equalization, announced that the Members of the Board have voted unanimously to eliminate the agencyÕs automatic security deposit requirement and begin the process of releasing over $296 million to small-business owners.

ÒThis is a great victory for taxpayers and small businesses,Ó said Vice Chair Steel. ÒEnding this program will allow new businesses across the state to keep capital in their pockets, available to invest in their businesses or to support their families, instead of having to send a large security deposit to the state.Ó

ÒThe elimination of unnecessary security deposits is the right thing to do,Ó said Teresa Casazza, president of the California Taxpayers Association. ÒThis state is a notoriously tough place to run a business, especially for small business owners who struggle to keep up with CaliforniaÕs costly taxes, fees, and regulations. There is simply no need for the state to hold on to millions of taxpayer dollars. We thank BOE Vice Chair Steel and the entire board for voting to return this money to the taxpayers.Ó

Beginning in February of 2014, staff will begin to release over $296 million in existing security deposits Ð more than $67 million of which is in cash and other liquid assets Ð after applying any outstanding liabilities, starting with the oldest deposits first.

For more information on other taxes and fees in California, visit www.taxes.ca.gov.

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