(The Center Square) – A group of 25 California lawmakers are seeking to reinstate net operating loss deductions and business tax credits in the new state budget.
The lawmakers set out their reasoning in a letter sent to the Chairmen of the Assembly Budget Committee and the Assembly Budget Subcommittee on State Administration.
The deduction for net operating loss was suspended last year and tax credits were capped last year to cover an expected budget deficit. The proposal aimed to increase state revenues by about $ 9.2 billion.
“We approved this action last year in order to close a budget deficit estimated at 54.3 billion dollars,…
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