Small Business Finance News
California Assemblyman Proposes Tax Breaks For Small Businesses
Written by Jenna Weiner
Published: 12/8/2010
Entreprenuers would get 20 percent tax credit toward worker compensation
A proposed bill in California would give small businesses tax credits in order to help pay workers' wages.
The Pasadena News reports that Anthony Portantino, a Democratic assemblyman from Pasadena, introduced Assembly Bill 11, which would establish a 20 percent tax credit for small businesses paying workers' compensation period.
The assemblyman said that the bill reflected the wants of the business community.
"I've been reaching out to small business owners in my district for thoughts and ideas on how to help them during these difficult times," Portantino said Tuesday, according to the news source. "The single biggest complaint I hear is the high cost of workers' compensation insurance. "Although we need to make sure our workforce is protected, there is certainly something the state can do to help these struggling businesses,"
California is coming out of one of the worst economic slides in its history, as the news for small business remains uneasy. At last count the unemployment rate had reached 12 percent, according to the U.S. Bureau of Labor Statistics, making it one of the highest in the nation.
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