The San Diego Union-Tribune has reported that the state agency that administers personal income and corporate taxes recently ended the nearly 20-year-old tax incentive designed to spur investment in startup companies and small businesses, citing a court ruling. The benefit allowed small business investors who sold their stock at a gain to exclude half the profits from their income taxes. It could result in over 120 million in assessments plus interest.
Businessman Brian Overstreet, is trying to spread the word and fight against this completely unfair. Read about it here.
Follow Mike Slater and listen to the story with Brian Overstreet here.