[RSCT] LA Times 2/26/10: Teachers union launches effort to repeal corporate tax breaks

[Rick Kisséll]

Teachers' union launches effort to repeal corporate tax breaks

by Anthony York in Sacramento
PolitiCal: On politics in the Golden State
The Los Angeles Times
2/26/10
The California Teachers' Association has contributed
 more than $630,000 over the last two weeks to repeal new tax breaks
 for corporations, which are scheduled to go into effect this summer. 

The
 union has formed a new committee called Taxpayers 
for Jobs and Against Corporate Handouts, with the aim of qualifying a
 ballot measure for November that would maintain current law on how 
corporate taxes are calculated.
Under a 
budget agreement reached in February 2009, new laws for business 
taxation are to go into effect this summer. The changes would allow 
businesses to receive tax benefits for past losses, share tax credits 
among their subsidiaries and make changes in the way their sales taxes 
are calculated. 

The changes could 
cost the state "up to $2.5 billion per year" in lost tax revenue, 
according to the initiative.
This week, 
the state Assembly passed a plan that would prohibit the business loss 
legislation from going into effect. Gov. Arnold Schwarzenegger has 
defended the coming change in state law, calling it a much-needed break 
for businesses and an incentive for California companies to create new 
jobs.






















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