California Conservative

Business Times reports: “California’s tax amnesty program has netted over $4 billion for the state, but more than half that money probably will have to be refunded to California companies, which have overpaid their tax bills this year to avoid the threat of new draconian penalties.”

The result, say business executives, is that more than $2 billion is being taken out of the economy at a time when it should be stimulating it.

Indeed. But beware the old saying, possession is 99% of the law.

“These are serious numbers,” says Ray Rossi, director of external tax affairs at Santa Clara-based Intel Corp. “I don’t know when that money will find its way back to us.”

Let’s just hope it does. And soon.

This entry was posted on Monday, May 9th, 2005 at 9:06 am and is filed under California, Economy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.