A state board has unanimously approved a tax break that will save workers´ compensation insurance companies more than $200 million.
The Board of Equalization overturned a decision by Insurance Commissioner Harry Low to tax reimbursements paid by businesses to workers comp carriers.
Yesterday´s decision came the same day that Governor Davis announced the state was facing nearly a $35 billion budget deficit.
Low says he’ll urge Commissioner-elect John Garamendi to ask the board to reconsider the decision after he takes office January 6. The board will also get three new members on that date.
This post was last modified on 01/31/2009 5:36 pm