Over 2,000 small businesses are now being levied with hefty tax bills – some as high as $250,000 – for having taken advantage of a duly passed tax incentive program. At issue is a tax incentive program put in place by lawmakers that was recently declared unconstitutional by the courts. After the court decided the incentive programs were unconstitutional by state standards, the Franchise Tax Board decided that they wanted to grab the revenue in forgone taxes.
This begs the question, if it suits a state to clawback a tax liability it previously gave up when can you trust the state not to do it again, and again, and again?
Brian Overstreet , a business owner in Healdsburg,CA business owner, is leading in a statewide effort to stop Sacramento from presenting small business owners with retroactive tax bills totaling up to $150 million. The Huffington Post reports that some entrepreneurs expect to individually be billed for more than a half-million dollars in back taxes. Most maintain they already paid what they legally owed as long as five years ago. Officials for the state Franchise Tax Board insist they had no choice but to seek the extra money from roughly 2,500 taxpayers.
Townhall executive finance editor unearthed a chilling (and unsurprising) portion of a local CBS story that stated:
Investors who could be hit by the retroactive taxes did not want to go on camera, fearing they would become an easy target for the Franchise Tax Board.
Fearing retribution many entrepreneurs refuse to speak out. Not exactly an endorsement for investment in the Golden State. And governor Jerry Brown wonders why governors from other states around the country, notably Texas’s Rick Perry and Florida’s Rick Scott are so well received when they woo California entrepreneurs to come to their states.
Read: https://www.huffingtonpost.com/2013/04/28/california-retroactive-tax_n_3173956.html
Read: https://www.businessinsider.com/california-entrepreneurs-retroactive-tax-2013-1
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
0
1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
