California's Corporate Tax Surge

This is a California news story, published by CalMatters, that relates primarily to Alphabet news.

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unused California tax credits

CalMatters

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A mystery surge in California tax revenue points to tech companies like Nvidia. Here’s why

Summary

Nutrition label

87% Informative

California was nearly $2 billion over forecast in corporate tax receipts this summer , including by $844 million in July .

An especially big surge came in July , and state officials and accounting experts think the extra receipts came from a small number of companies.

The influx highlights a growing tension in California between its tendency to regulate tech companies and reliance on them for tax revenue.

Apple , Google parent Alphabet and Facebook parent Meta are among the companies whose financial filings show they have past losses and/or unused research and development tax credits in the state.

The tax changes split state lawmakers mostly along party lines when the governor proposed them in his budget earlier this year .

The deductions are supposed to help make taxes roughly even for businesses.

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semi-formal

Language

English

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not offensive