Untaxed Companies Receive Tax Refunds
Three California-based companies that reportedly paid no state business income taxes last year are going to receive $5million in tax refunds. Twenty-two
similar requests are pending for another $77 million. The California Board of Equalization, a group of elected officials who oversee state tax policy, may consider the new corporate requests as early as January 25th.
But opposition is already rising amid a continuing state budget deficit. Critics are fuming over the board´s December 15th decision to award $4.1 million in tax refunds to Conexant Systems of Newport Beach.
The board also voted to award more than $624,000 to Grundfos U-S Holdings, which has a manufacturing facility in Fresno, and more than $163,000 to Lightwave Electronics of Mountain View.