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Temporary tax relief for California businesses impacted by COVID-19

by The 100 Companies
Temporary tax relief for California businesses impacted by COVID-19

Last week, Governor Gavin Newsom announced the state will offer temporary tax relief and $500 million in aid to small businesses impacted by COVID-19 restrictions.

The temporary tax relief:

• Entails an automatic three-month income tax extension for taxpayers filing less than $1 million in sales tax.

• Extends the availability of existing interest and penalty-free payment agreements to companies with up to $5 million in taxable sales.

• Provides expanded interest free payment options for larger businesses particularly affected by significant restrictions on operations based on COVID-19 transmissions.

To read more about the temporary tax relief for small businesses, click here.

– Jordan Davis, City of Pittsburg, CA

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