As we discussed here in April, California recently implemented a program that offers a State income tax credit of up to $10,000 to first-time homebuyers and buyers of newly-constructed homes.
Before 2007, tax-exempt organizations with average annual gross receipts of less than $25,000 were not required to file any returns with the Internal Revenue Service (IRS). That changed when the Pension Protection Act became law, and those organizations are now required to file Form 990-N.
Starting January 1, 2011, tax-exempt organizations with gross receipts normally under $25,000 will be required to file an electronic annual information return with the California Franchise Tax Board.
The California Supreme Court’s review of Save the Plastic Bag Coalition’s case against the City of Manhattan Beach may become moot. The California Senate Appropriations Committee is holding hearings on a new bill (AB1998) that would effectively impose a statewide ban on plastic bags for supermarkets, convenience stores, food marts and pharmacies with over 10,000 square feet of retail space.