Saturday, February 8, 2025
spot_imgspot_img

Top 5 This Week

spot_imgspot_img

Related Posts

Tech companies like Nvidia identified as cause of unexpected increase in California tax revenue – Daily News


California’s Finance Department reported an unexpected windfall in corporate tax revenue for July, totaling $1.4 billion, almost three times higher than the forecasted $500 million. This influx was likely due to changes in state tax rules implemented in June, including the suspension of certain deductions and limits on tax credits, experts say.

Nvidia, a leading tech company profiting from the booming AI industry, is speculated to be one of the companies responsible for the significant tax payments to the state. The company’s recent financial filings show a notable increase in income taxes paid, suggesting a larger tax bill due to the changes in tax rules. Other tech giants such as Apple, Google’s parent company Alphabet, and Meta (formerly Facebook) could also be impacted as they have old losses and unused tax credits in California.

The state’s tax changes aim to increase revenue by billions of dollars over the next few years but have split lawmakers along party lines. Democrats believe the changes are necessary for the state’s fiscal health, while Republicans view them as burdensome to businesses. Ultimately, the unexpectedly high corporate tax payments indicate the impact of the tax changes on California’s top industries.

Source
Photo credit www.dailynews.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Popular Articles