California Wants Small-Business Owners To Pay Back $120 Million In Tax Breaks (+video)

Small-business investors in California were promised big breaks five years ago, but now they’re being told to pay up, instead after a court ruling.

After following the law, many of them are getting hit with tax bills as high as $250,000.

“When we make a promise, we have to uphold it,” said Sen. Ted Lieu, D-Redondo Beach.

But that is not what the state government appears to be doing. Small-business owners are getting hefty tax breaks for tax credits they already got five years ago.

“They relied on California law as it was written, that they would get a tax break if they invested in certain kinds of businesses,” Lieu said.

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