Small Business Majority, a nonprofit organization that aims to promote small business interests and growth released a report this week claiming that California's existing AB 32 law will continue to spur entrepreneurial investment and small business growth in the Golden State.
AB 32 is under threat of being suspended by voter Proposition 23 this November. If passed, the law will be held off until California's unemployment rate falls to 5.5 percent.
"Under AB 32, California's small businesses will be able to take advantage of the increased investments, innovation and energy efficiency savings that the law will generate," said John Arensmeyer, founder and CEO of Small Business Majority. "They'll also see more demand for the products and services they provide, which will help them grow their businesses and create jobs. Not only is this good for small businesses, but for the state's economy overall."
More specifically, the report claims that AB 32 will help to increase small business revenues by $4.6 billion by 2020, while adding thousands of new jobs.
Proponents of Prop 23 argue that AB 32 has caused unfair taxes and regulations to be levied on businesses and cannot be afforded within the current economic climate. Entrepreneurs seeking to start a corporation or launch an LLC in California are advised to study what is at stake this November and vote accordingly.
Tags : business licenses & permits, ca, incorporation news, taxes
Posted: Oct 20th, 2010