Wednesday, June 24, 2009

CA tax changes

Here is an article summarizing changes to CA tax law that are effective in 2009 and 2011, http://www.calcpa.org/Content/%2025477.aspx
Changes Effective in 2009
Sales and Use Tax Rate Increased
Vehicle License Fee Increase
Individual Income Tax Rates Increased
Dependent Credit Reduced by $210
New Home Purchase Tax Credit
Small-Business Hiring Tax Credit

Changes Effective in 2011
Economic Nexus Defined
Definition of “Gross Receipts” Codified
Expanded Sales Factor “Finnigan” Again
Sourcing for Sales
Motion Picture Tax Credits