A California Assemblyman has introduced a new bill in the state legislature that will provide much needed relief to small businesses and entrepreneurs looking to incorporate in California.
Assembly Bill 11, brought forth by Anthony Portantino of Pasadena, proposes a 20 percent tax credit to qualifying small businesses with a principal intent of alleviating workers' compensation expenses for firms with less than 20 employees.
"I've been reaching out to small business owners in my district for thoughts and ideas on how to help them during these difficult times," Portantino told the Pasadena Star-News. "The single biggest complaint I hear is the high cost of workers' compensation insurance."
The bill is also a measure aimed at decreasing the number of layoffs and budget cuts that has afflicted the small business sector since the start of the recession.
As California's deficit could reach up tp $25 billion, Portantino added that the bill will not worsen the state's budget difficulties, which recently prompted Governor Arnold Schwarzenegger to declare a fiscal emergency and call for a special session of the state legislature to deal with the looming financial challenges.
Tags : ca, financial management, small business management
Posted: Dec 8th, 2010