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California's Surreal Retroactive Tax On Tech Startup Investors
waderoush writes "Engineers and hackers don't think much about tax policy, but there's a bizarre development in California that they should know about, since it could reduce the pool of angel-investment money available for tech startups. Under a tax break available since the 1990s, startup founders and other investors in California were allowed to exclude or defer their gains when they sold stock in California-based small businesses. Last year, a California appeals court ruled that the tax break was unconstitutional, since it discriminated against investors in out-of-state companies. Now the Franchise Tax Board, California's version of the IRS, has issued a notice saying how it intends to implement the ruling — and it's a doozie. Not only is the tax break gone, but anyone who claimed an exclusion or deferral on the sale of small-business stock since 2008 is about to get a big retroactive tax bill. Investors, entrepreneurs, and even the plaintiffs in the original lawsuit are up in arms about the FTB's notice, saying that it goes beyond the court's intent and that it will drive investors out of the state. This Xconomy article takes an in-depth look at the history of the court case, the FTB's ruling, and the reaction in the technology and investing communities."
Well that happens when the government is more interested in gun control than with economy.
Don't worry, in California they let teachers sexually assault your children with sperm cookies and give said teachers retirement packages of money when they get caught. Heck, the California Teachers Association threaten state congress members that tried to make sexual assault against children a mandatory firing event.
Bring your ass to Indiana we have a growing biotechnology corridor. We like guns that don't look funny. Claremont and Greenwood are speed traps and that blond einsatzgruppen in Claremont can bite my shiny white and hairy ass and yes I told his boss that and to google what that meant. He didn't show in court. PANSY. Seriously he looked like a Nazi propaganda poster but...no balls. Perfect as a camp guard.
We seem to do well here with niche high tech companies no one's heard of since they're quietly employing people and doing good bidness.
Oh Indy is a sewer, flyover and eyesore even if they did kowtow to stupidbowl demands and lipstick the pig. Avoid it and stick with the tech corridors.
Don't go to Kentucky, you might find some chick with a skylift bra and then be making littluns in some dry county and running moonshine. *eep*
I'd go on a Vegan diet but the delivery time from Vega is too long. --brownkitty