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Altaf Rahamatulla on September 2, 2010 - 1:18pm
In August, California lawmakers approved AB 2666, a bill sponsored by Asm. Nancy Skinner that requires the state's Franchise Tax Board to compile information on corporate tax expenditures and publish the information on California's Reporting Transparency in Government website. Pedro Morillas, a Consumer Advocate with CALPIRG, commented on the bill's movement, “[c]orporate tax breaks will no longer be a bottomless pit for taxpayers. We’ll still be sending money down the hole, but now we’ll be able to see where it lands.” In 2009 alone, the state spent $14.5 billion on corporate tax expenditures with no oversight or accountability mechanisms.