If you are a California small business owner, investor, or equity stakeholder and you have been affected by the FTB’s decision to cancel and retroactively tax Qualified Small Business owners, please email us at CABusinessDefense@gmail.com or complete the form on the right side of the page and register with us. We have formed a formal lobbying coalition and need your help to work towards a reversal of the retroactive application of this tax. We will contact you with information on the coalition and how to get more involved.
IMPORTANT UPDATE 4/4/2013: Senator Ted Lieu (D-Torrance) has introduced amended language to Senate Bill 209 which proposes to fix the retroactive tax. Co-authored by Assemblymembers Gorrell and Perea, SB209 will eliminate the part of the original QSBS provisions ruled unconstitutional and retain the balance of the original legislation. If passed, this will wipe out the retroactive tax and will enable a form of the QSBS to remain on a go-forward basis starting in 2016. For the current language proposed, please click here.
IMPORTANT UPDATE 2/28/2013: The FTB announced this afternoon that they are delaying the mailing of the tax bills (the Notices of Proposed Assessments) for 2008 tax-year until April and that they will hold off on mailing the NPAs entirely if taxpayers sign a waiver of the statute of limitations. This is a vitally important win for small business owners as it gives us the time to craft a lasting solution without the immediate threat of devastating tax bills. Please review the details on the FTB’s FAQ page (see items marked “new”) and consult with your tax preparer as soon as possible about requesting a waiver if you are affected.
You can also join our LinkedIn group to remain connected with other affected taxpayers.
If you are a concerned citizen and wish to voice your disapproval about the retroactive tax on small business owners in California, please:
1. Sign our online Petitions
2. Contact your Assemblyman and your State Senator – click here