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New Year, New Taxes Thanks to Props 30, 39

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(Sacramento, CA)
Wednesday, January 2, 2013

In November, voters approved two ballot measures that deal with taxes.  Proposition 30 raises the sales tax a quarter of a cent to 7.5 percent, starting in the new year  It also raises the income tax on Californians earning at least $250,000 a year by up to three percent.  That increase begins with the 2012 tax year, meaning it'll be in effect for tax returns filed this coming April.

Meanwhile, businesses headquartered outside California will also be dealing with a change in tax law.  They'll need to use the same formula to calculate their taxes as in-state businesses - instead of using a different, more beneficial formula as they have in the past.  The first payments under the Prop 39 rules will also be due in April.

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