Government
Sep. 13, 2013
Punitive damages tax bill may lack support
AB 458 would close a loophole allowing businesses to treat punitive damages judgments as tax deductions, but it's been dropped last minute by Sen. Ron Calderon.
Daily Journal Staff Writer
SACRAMENTO - A state Assembly bill to close a loophole allowing businesses to claim tax deductions for punitive damages payouts in lawsuits may be dead this session, having been abandoned last minute by its Senate backer, Sen. Ron Calderon, D-Montebello.
Despite making it from the Assembly to the Senate floor, AB 458 appears to lack the two-thirds support it needs to pass. The bill's struggles may b...
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