Small Business California is sponsoring a bill to help small businesses get equity capital. It is a well-known fact that start ups and other small businesses that want to get equity under $1 million have a lot of problems. This bill will help these businesses by streamlining the process and provide investor protections that are not in the Federal JOBS act.
I am excited to tell you that AB 2096 passed in the Assembly Banking and Finance committee yesterday with an 11 to 0 vote.
Next stop, Appropriations!
We had a great deal of help with this from about 20 small business associations around the state. For more information go to www.leginfo.ca.gov.
One final note, Lee Petillon former board member, worked on this bill for three years. Mark Hiraide was his partner and he has been the driving force on this. We have named it the Lee Petillon bill. I am sure he is smiling down on us.
Business Week came out today with information about the effect the sales tax has had in the 10 states where Amazon is required to collect sales tax. As you know California is one of those states.
“In states that have the tax, households reduced their spending on Amazon by about 10 percent compared to those in states that don’t have the levy. For online purchases of more than $300, sales fell by 24 percent, according to the report titled “The Amazon Tax.”
Small Business California worked hard to get this legislation passed. To continue reading the article on Businessweek, click here.
Small Business California
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San Francisco, CA 94116