May 30, 2017

Bill to eliminate tax deductions set for vote on May 31

Capital & Main reports that SB 66 is set for a floor vote on Wednesday.  As we previously reported, SB 66 is the latest proposal to prevent California taxpayers from taking deductions for payments of punitive damages.

Similar proposals have failed in the past, but the Capital & Main article notes that the political climate is different now in California: "Things that have died multiple times are passing," according to Ken DeVore, the legislative director of the California chapter of the National Federation of Independent Business (NFIB).