This transcript is automatically generated
Speculating here this -- California gave small businesses the once a green jobs a tax break and now.
California and it's great wisdom says.
Never mind we want that money you're not entitled to it and so it's -- small businesses that once it created jobs are about to get slam would giant back tax bills for five years can you do that.
California State senator Ted -- joins -- -- -- Good evening.
Wow well fat that's something you're trying to club -- -- five years of back to accepting gave themselves them.
That's right thousands of investors who helped start small businesses.
We see the financial shock of their lives when they -- their mail.
And so are retroactive tax bills ranging from the tens of thousands of dollars to over half a million dollars.
Even though these taxpayers filed the law as it was written at the time.
Yet the laws don't -- written in 1993.
They've been David -- creating businesses creating jobs.
And then now California's wisdom says we want that money but they going to back five years because the statue limitations because why is someone went to court -- unconstitutionally -- is California businesses.
This tax break right.
That's right that's right I've introduced legislation to stop that from happening.
And keep in mind it is the legislature then made a mistake the legislature at the time -- law that was found to be unconstitutional.
We should own up -- that mistake and not punish innocent taxpayers for following the law as it was written at the time.
-- this is so messed up it's -- it's unbelievable.
We did the does anybody feel bad about and to you governor feel bad as the legislature feel bad because.
All these businesses they've they've followed the law you got you mean the legislature is the one I -- to them.
That's right and people need you feel bad in government because it is our fault and we should not impose it.
Innocent taxpayers in this really goes to the rule of law the reason that we -- trading commerce that we have businesses.
Flourish is because they trust the laws as they were written.
If the laws change in their future.
We cannot go backwards and punish these taxpayers backwards in time because obviously they can't change -- actions they can't change their investments.
Why -- say your state -- -- state revenue service thinks it can and is doing that right now I'm curious when it comes up for a vote.
We get a unanimous vote -- to do something intense to fix this problem will the governor sign -- I am hopeful that the governor was signed it we pass the senate has now in the state assembly are hopeful that they will pass as well.
And I imagine you know -- -- -- the small business people are sitting next summer to -- up to what 250000 dollars in back taxes.
That's trek has some you have to pay over half a million and it's not just all businesses.
It sends a signal that all businesses need to be afraid if we don't correctness I don't have 57 -- -- -- you also going after them for.
Deferred interest and -- penalty for not paint attacks on time what theoretically my time.
Right Mike -- as you can't do that -- I think doing that -- that tries a state trying to do that is being able to date they have their authority to do it in there agency's opinion that's correct.
Well that's pretty messed up well anyway good luck sir -- a big enough fixes -- thank you sir thank you.