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Form SS-4 for Palmdale California: What You Should Know
Opponents' and supporters' arguments Opponents' argument against the ballot measure Prop 64 — Supporters' argument in favor of Prop 64 — How to Prepare A Comment Read my guide about the “Fiscal Fairness for Small Business” referendum, the proposed state ballot measure that would amend the California constitution to require statewide, tax-exempt, government-backed loans to businesses. How Prop. 64 Would Affect Your Business If Proposition 64 passes, you may lose your eligibility to get government loans. It is possible that one federal loan program may cease to exist if Prop. 64 passes and another program may have to change. A company may find it hard to get additional funds, especially if the company was able to come up with 5 Million to get its loan program funded. Prop 64 also changes the criteria for a tax credit. You will have to pay a higher percentage of federal income tax and state income tax over your actual business profits. The percentage will increase over the life of the loan for the first 5 years, and it will decrease for the remainder of the loan term. To get a loan without facing possible loss of business or income tax, you may also have to give up some flexibility on how you do business. You will have to pay back a certain percentage of your loans on a quarterly basis. If the company fails to have the tax dollars coming in for a tax year, it may have to pay back an additional amount from its income tax funds. All loans are capped at 450,000 per project in an industry with a 100 million or more market capitalization. As well, any loans under 450,000 will be repaid with a refund. If the loan amount is greater than 450,000, you may have the money back only after you meet certain performance goals. For a detailed look at Prop. 64's new rules, read my blog, “Why Prop. 64 Will Affect Your Business” What the Prop. 64 Commission Recommendation Means The Prop. 64 commission did not recommend passing the amendment because the commission believed it would hurt many small businesses and could drive up taxes or fees for taxpayers. The recommendation said the proposal would have unintended consequences, but it did not give specifics. It also did not address the possibility that the proposed ballot measure could impact local government taxes if the proposition is approved and a new local income tax is established. The Prop. 64 Commission's recommendations are an estimate for future effects.
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