California + Finance | June 7, 2023

California Chamber Adds SB 220 to “Job Killer List” for Raising Corporate Tax Rate

The California Chamber of Commerce has added SB 220 to its 2023 Job Killer list, saying the bill would cut the corporate tax rate for smaller businesses while increasing it 24% for larger ones. The bill currently under consideration by the state Senate Committee on Budget and Fiscal Review would raise the tax rate from 8.48% to 10.99% for “companies that shoulder the vast majority of corporate tax liability,” CalChamber said.

“SB 220 unnecessarily risks damaging California’s economy at a time when the state needs businesses to grow,” said CalChamber policy advocate Preston Young. “Such a policy would hurt our state’s employers, employees and consumers by increasing the price of goods and services sold in California and forcing California-based companies to consider reducing in-state costs,” including their presence in the state.

In a letter sent to members of the Senate committee, Young wrote, “SB 220 would degrade California’s economic competitiveness against other states who notoriously compete to attract California’s companies with a friendlier and less costly investment climate.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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