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State Tax Board Ends Business Deposit Program

  •  Ben Adler 
Tuesday, December 17, 2013 | Sacramento, CA
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Andrew Nixon / Capital Public Radio file
 

Andrew Nixon / Capital Public Radio file

Say you’re starting a new business. As part of the state’s permitting process, California has required most new businesses to place a security deposit with the Board of Equalization.  Depending on the size of your new business, the deposit could range from $2,000 to $50,000. 

The goal was to protect the state in case your business didn’t pay sales tax. But business and taxpayer groups have called it yet another economic barrier in California – and the Board of Equalization says the program has been losing its cost-effectiveness.

So board members have voted unanimously to eliminate the requirement. From now on, new businesses won’t need to submit a deposit.  And the state will begin returning deposits to existing businesses in February. The cash and other assets currently held by board as part of this program total nearly $300 million.

Ed. Note: This story has been updated to reflect the fact that the state previously required most new businesses - not all - to place security deposits. We regret the error.


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Ben Adler

Director of Programming and Audience Development

Director of Programming and Audience Development Ben Adler first became a public radio listener in the car on his way to preschool — though not necessarily by choice.  Read Full Bio 

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