The Daily Independent | January 09, 2018 –
SACRAMENTO—Assemblyman Vince Fong (R-Kern County) announced that he will be introducing the California Competitiveness and Innovation Act–a California middle class and small business tax cut proposal.
The intent of the package is to make California competitive with other states, especially for middle class families and small businesses that are struggling to survive under California’s high-priced tax code.
Specifically, the main components of the proposal are:
— Personal Income Tax: Lower the state personal income tax rate for middle class individuals and families
— Small Business Tax: Reduce the franchise tax for small businesses; and
— Homeowner Tax Exemption: Double the $7,000 homeowners property tax exemption
“We should lower the state’s tax burden without gimmicks,” Fong said in a statement. “We have to make California more competitive with other states and help ordinary Californians afford to live and work in this state.”
The package of bills will be introduced in the following weeks and will be referred to policy committee in the Assembly.