California News

Apr 8, 2014 8:30 AM by Associated Press

State returns $27M in deposits to new businesses

SACRAMENTO, Calif. (AP) - More than 5,000 businesses in California and outside the state will be getting a welcome surprise in their mailboxes: refunds of security deposits paid to the Board of Equalization.

The Sacramento Bee reports Tuesday that the board has announced it is returning $27.6 million in cash deposits.

The refunds come following a decision in December to end automatic security deposit requirements for new businesses.

A review found declining benefits of requiring the deposits, compared with the cost of administering the program.

The BOE said it began issuing checks this week and will continue to do so for several weeks.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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