California Gov. Gavin Newsom signed a bill prompting lawmakers to explain the goals of new tax breaks but vetoed a related measure that would have created a new board to evaluate the effectiveness of such large breaks.
A.B. 263, which Newsom (D) signed Oct. 11, expands an existing law that requires tax credits enacted since 2015 to include plans to measure performance. The new law applies to all tax breaks, including credits, deductions, exclusions, and exemptions that are introduced and enacted after Jan. 1. 2020.
Assemblywoman Autumn Burke (D) authored the bill.
Separately, the governor vetoed S.B. ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.