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California Assemblyman Introduces Workers' Comp Bill for Small Business
Published on Dec 9, 2010
Check out 'California Assemblyman Introduces Workers' Comp Bill for Small Business' at 'Time to Start Up,' the small business blog by BizFilings.
A Pasadena Assemblyman has introduced legislation aimed at alleviating financial burdens on California small businesses. If passed, Assembly Bill 11 will establish a 20 percent tax credit for qualifying small businesses and provide help to entrepreneurs forming a company. .
The bill is designed specifically for workers' compensation expenses, which have risen steadily for California small businesses in recent years.
"I've been reaching out to small business owners in my district for thoughts and ideas on how to help them during these difficult times," Assemblyman Anthony Portantino, who sponsored the bill, told the Pasadena Star-News. "The single biggest complaint I hear is the high cost of workers' compensation insurance."
The bill is also an attempt to stem the tide of cuts and layoffs which has stricken the Golden State and the rest of the country since the recession began.
But amid a state deficit that is projected to reach $25 billion, Portantino asserted that the tax credit initiative will not deepen the state's budgetary woes.
Earlier this week, outgoing Governor Arnold Schwarzenegger declared a fiscal emergency and called the state legislature to a special session to address the looming deficit crisis.