Tax News

CCH (cch.taxgroup.com) reports:

  By executive order, California Gov. Arnold Schwarzenegger will call a special session of the state General Assembly in September 2009 to consider the recommendations made by the Commission on the 21st Century Economy to improve the state's tax system. The commission is scheduled to deliver a report to the governor and to the General Assembly by September 20 with recommendations to change laws to achieve the following goals:

  (1) establish a 21st century tax structure that fits with the state's 21st century economy;

  (2) stabilize state revenues and reduce volatility;

  (3) promote the long-term economic prosperity of the state and its citizens;

  (4) improve the state's ability to compete successfully with other states and nations for jobs and investments;

  (5) reflect principles of sound tax policy, including simplicity, competitiveness, efficiency, predictability, stability, and ease of compliance and administration; and

  (6) ensure that the tax structure is fair and equitable.

  The initial version of the Commission was created by an order of the governor in 2008. (TAXDAY, 2008/10/31, S.3) The commission has been holding meetings throughout 2009. (TAXDAY, 2009/07/21, S.1)

  Subscribers can view the governor's order that, in part, announces the special session.

Executive Order S-15-09 , Office of California Governor Arnold Schwarznegger, July 29, 2009