Tax News

CCH (cch.taxgroup.com) reports:

California Governor Arnold Schwarzenegger has called a special session of the state Legislature beginning September 11, 2007, to consider and act upon health care reform legislation, for which the Governor previously had proposed funding relating to, among other things, state corporate and personal income taxes. Earlier this year the Governor had called for health care reform and proposed tax-related funding provisions, including increased payroll taxes, a dividend based on a percentage of gross revenues received by hospitals and physicians, and corporate and personal income tax conformity to federal law in the area of health savings accounts and cafeteria plans. (TAXDAY 2007/01/10, S.8)
In an announcement on his home page (http://gov.ca.gov/index.php?/press-release/7384/), the Governor noted that great strides had been made in the regular legislative session in the area of health care reform. However, he noted, budget negotiations took two months longer than was expected and time ran out.
The proclamation calling the special session, along with another proclamation for a simultaneous special session to consider and act upon legislation to ensure a reliable water supply for the state, can be accessed from the announcement Web site.
Release , California Governor Arnold Schwarzenegger, September 11, 2007.