Provision of the California State Budget
Published on:
September 22, 2008
SIFMA provides comments to California Governor Arnold Schwarzenegger strongly opposing Section 5 of the state budget package, SBXI 28. Section 5 would impose a new penalty for an understatement of tax for any open taxable year beginning on or after January 1, 2003. SIFMA opposes excessive penalties suggested for tax underpayment. SIFMA suggests striking Section 5 from the bill to keep employment and capital investment in the state of California.