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Funny Business
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One little known fact coming out of the new California budget doesn't involve raising taxes, but lowering them.
The corporate tax structure is changing to what's called "single sales tax". Currently, corporations in the Golden State are taxed on a combination of their sales, payroll, and facilities. This has discouraged many firms from expanding in California. Under the new budget, businesses will only be taxed based on sales.
This could provide a huge incentive to stay, or grow, in California. Genentech[DNA
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] CFO David Ebersman says this "puts California back in play for us" to build and expand.
Ebersman says under the new law, Genentech's tax rate will drop from 30 percent to 28 percent in 2011.
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