February 20, 2009

New Taxes Break The California Budget Impasse

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The California legislature passed the Budget Act of 2008 (the “Legislation”) Thursday, February 19, 2009, and Governor Schwarzenegger signed it Friday, February 20, 2009. The Legislation contains several important revisions to the California Revenue and Taxation Code (the “Code”). This update summarizes some of the more noteworthy revisions.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.