California has received a lot of attention in recent weeks as the state's voter Propositions include several landmark bills that could drastically alter the business landscape of the Golden State. Of crucial importance to businesses, particularly renewable energy startups, is Proposition 23, which will revoke a current law that limits greenhouse emissions until unemployment reaches 5.5 percent.
Another proposition that has been earning headlines is beginning to gain attention in business circles as well. Proposition 19 will legalize marijuana possession, making the sale of it taxable, potentially generating $1.3 billion in additional state revenue - a welcomed income to legislators searching for ways to alleviate California's $19 billion deficit.
Also overlooked is the bill's potential to generate a new industry, as medical marijuana entrepreneurs await Tuesday's vote as a chance to launch their own LLC or corporation in California.
More recently, billionaire investment guru George Soros donated $1 million to the effort to pass Prop 19.
"Regulating and taxing marijuana would simultaneously save taxpayers billions of dollars in enforcement and incarceration costs, while providing many billions of dollars in revenue annually," wrote Soros in the Wall Street Journal. "It also would reduce the crime, violence, and corruption associated with drug markets, and the violations of civil liberties and human rights that occur when large numbers of otherwise law-abiding citizens are subject to arrest."
Tags : business licenses & permits, ca, small business management, taxes
Posted: Oct 29th, 2010