With millions of American's rushing to beat the filing deadline, a state lawmaker is working to provide future tax relief to Californians.
Senator Ted Gaines wants to leave you with a little more money in the future. In addition to legislation that would increase the standard deduction for personal income tax filers, his new package of bills includes an effort to refund the budget surplus to taxpayers.
“It would provide a rebate to individuals who paid taxes in the 2016 tax year,” said Senator Gaines. “That rebate would be anywhere from, I’m estimating, two to three hundred dollars.”
Senator Gaines is also looking to lower California's corporate tax rate.
“By providing that lower tax rate, it provides more revenue for businesses to grow,” Senator Gaines explained. “When a business grows, they need to hire more people. When things are going well and you have high performance employees, you want to provide them with bonuses.”
A fourth bill would allow Californians to make tax-free contributions to their children's 529 College Savings Plans.