That is just the number of sole proprietors in California who would be hit by the proposed income tax hike. There are also more than 55,500 Partnerships & S-Corp owners who would also be adversely impacted by this income tax hike. That income tax increase on high earners and small businesses is not the only tax hike put forth by California lawmakers this summer. 15 isn’t the only tax hike on the ballot, just the largest statewide tax increase. The bill imposing that tax hike, AB 85, suspends net operating loss deductions and a limits business tax credits to $5 million per year for three years.

Source: Forbes August 31, 2020 21:22 UTC