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California to provide tax relief for businesses affected by COVID-19 restrictions

California Gov. Gavin Newsom announced Monday a tax relief plan intended to assist businesses struggling because of the pandemic. (Daily Bruin file photo)

By Kareem Majeed

Dec. 1, 2020 4:42 p.m.

California Gov. Gavin Newsom announced Monday that California businesses could receive temporary tax relief because of the impact of the COVID-19 pandemic.

Under the new program, businesses that file less than $1 million in sales tax are eligible to have three extra months to pay their income taxes. Companies with up to $5 million in sales tax are allowed penalty-free payment agreements. Newsom’s announcement also allows larger businesses to claim tax relief through additional interest-free payments.

Newsom’s new program comes as a response to a lack of action from the federal government to help small businesses in California, said California Senate President Pro Tempore Toni Atkins in a press release from Newsom on Monday. The governor’s Task Force on Business and Jobs Recovery’s recommendations factored into the relief policy, according to the press release.

“California is stepping up where the federal government isn’t,” Newsom said in the press release. “By providing potentially billions in immediate relief and support, our small businesses can weather the next month as we continue partnering with the Legislature to secure additional funding.”

Atkins said this support will be critical for small businesses in California’s communities.

“Now, we need our federal partners to do their part and pass a federal stimulus so these businesses and nonprofits can survive 2020 and the year to come,” Atkins said.

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