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Article: Uncertain future: budget, regime change will pose challenges.(California Tax)
- Article from:
- California CPA
- Article date:
- December 1, 2003
- Author:
CopyrightCOPYRIGHT 2003 California Society of Certified Public Accountants. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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"Some of you might be aware that we had a recall," Franchise Tax Board Executive Director Gerry Goldberg joked, as he began the CalCPA Committee on Taxation's annual liaison meeting with the FTB in mid-October.
While the impact of the recall election on California's budget crisis remains to be seen, the state's record deficit will continue to cast a shadow on the future.
The regime change probably means California is "not going to have any tax increases in the immediate future," Goldberg said. "And I think we're going to see the VLF [vehicle license fee] increase go away, and that creates a hole."
That hole amounts to roughly $4 billion, which ...