NEW LAW AIMS TO SIMPLIFY PAPERWORK FOR BUSINESSES CLAIMING STATE TAX REFUND
Businesses making installment payments on outstanding liabilities owed to the state Board of Equalization can now file a single claim for refunds that covers all prior and future overpayments of taxes, under a law signed Monday by Gov. Jerry Brown.
The law, which goes into effect in January, was sponsored by the BOE in order to cut down on onerous paperwork for businesses.
Currently, businesses are forced to make multiple claims for refund on overpayment of taxes due to a deadline that does not recognize taxpayers that make installment payments on outstanding tax liabilities.
“Running a business is challenging enough without having to keep track of multiple layers of paperwork,” said BOE chairwoman Fiona Ma in a statement.
The legislation, Assembly Bill 1856, was authored by Assemblyman Matt Dababneh, an Encino Democrat.