California Rate Changes for Partially Exempt Property

Monday, February 8th, 2016

 
 
California Board of Equalization
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The California State Board of Equalization explained recent tax rate changes in its "News For Tax Practitioners" publication.

As of January 1, 2016, some partially exempt property is subject to an increased rate of tax. The new rate applies to sales and purchases of farm equipment and machinery, teleproduction or other postproduction service equipment, diesel fuel used in farming or food processing, timber harvesting equipment and machinery, and racehorse breeding stock.

The publication also discusses the new prepaid mobile telephony services surcharge, the railroad accident preparedness and immediate response fee, disaster tax relief, California's earned income tax credit, and sales of medical cannabis.

http://www.boe.ca.gov/pdf/pub542.pdf


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TTR likes to keep things simple and fun, which is why it has great people who provide help to clients on any support questions they have about transaction tax issues.

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