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California  + Retail  | 

Newsom Signs Small Business Tax Cut Bill

Gov. Gavin Newsom recently signed a bill that will give small businesses hit hardest by this pandemic a $6.2 billion tax cut for the next six years. This small business bolster is an important component of California’s economic recovery strategy, says the governor.

“California’s small businesses have been hampered and hammered by this pandemic, and we are using every tool at our disposal to help them stay afloat,” said Newsom. “Help is on the way in the form of a $6.2 billion tax cut, which will provide support not to large publicly traded companies but to the mom-and-pop businesses – the beauty salons, restaurants and dental offices – which have been resilient during this difficult time. This small business tax relief is exactly what is needed to keep businesses open so they can continue paying their employees.”

Under the legislation, AB 80 by Assemblymember Autumn Burke, the forgiven Paycheck Protection Program loans that businesses received from the federal government during the pandemic will not be counted as taxable income and these businesses can also deduct the initial costs which precipitated the loans. This additional state tax relief may factor into decisions about reopening, remaining open or ceasing operations.

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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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