Johnp Schultz News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Single sellers can exclude $250,000 from their taxable profit and married sellers $500,000. The amounts haven’t changed in 25 years.

SACRAMENTO, Calif. —  California lawmakers on Monday revived a multibillion-dollar tax break for some businesses after the Biden administration assured them the proposal would not jeopardize the state’s own federal coronavirus aid. The federal government has given California companies about $97 billion in loans during the pandemic, the majority of which business owners won’t have to pay back. Congress already lets business owners deduct expenses associated with those loans from their federal taxes. But California business owners still owe state taxes on that money. California lawmaker...

California lawmakers revive virus tax break for businesses Share this: April 20, 2021 SACRAMENTO, Calif. (AP) — California lawmakers on Monday revived a multibillion-dollar tax break for some businesses after the Biden administration assured them the proposal would not jeopardize the state’s own federal coronavirus aid. The federal government has given California companies about $97 billion in loans during the pandemic, the majority of which business owners won’t have to pay back. Congress also gave $26 billion to California’s state government as part of the most recent coronavirus r...