On March 30, the Office of Gavin Newsom announced that the Governor signed an executive order that will provide tax, regulatory and licensing extensions for businesses.
The executive order allows the California Department of Tax and Fee Administration (CDTFA) to offer a 90-day extension for tax returns and tax payments for all businesses filing a return for less than $1 million in taxes. That means small businesses will have until the end of July to file their first-quarter returns.
Click here to view the full text of the signed ordered.
On April 2, the Governor also announced that the state is allocating $50 million to the California Infrastructure and Economic Development Bank for loan guarantees to small businesses to help eliminate barriers to capital for individuals who do not qualify for federal funds. The state is also allowing small businesses to defer payment of sales and use taxes of up to $50,000, for up to 12 months.
The California Department of Tax and Fee Administration website has already posted the alerts about the 12 month payment plan for small businesses and the July 31 deadline to file first quarter returns.
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