California's cavernous corporate loopholes

Published April 30, 2009 at 7:00 a.m.
As voters try to decide how to repair the state's budget, big companies are walking away with billions in tax giveaways...

...As voters prepare to ratify or reject the complex budget deals represented in the six propositions -- 1A through F -- on the May 19 ballot, there is one part of the budget deal they don't get to decide on: huge new corporate loopholes. The last two budget agreements worked out by the Legislature and signed by the governor include provisions that permanently cut billions in revenue from the corporation tax -- with the state getting next to nothing in return.

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