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California's governor wants the state to let businesses keep up to $50,000 in sales taxes over the next year.
Gov. Gavin Newsom said Thursday the proposal would function as a state loan to small businesses, many of which have been forced to close during the COVID-19 outbreak.
The proposal would likely have a significant impact on the state's more than $200 billion state budget. Most of the state's revenue comes from sales and income taxes.
State officials have already delayed the income tax deadline by three months to July 15.
Governor @GavinNewsom provides an update on California's response to the #COVID19 outbreak and announces assistance available for small businesses and workers impacted by the crisis. https://t.co/Ty60NGEGgE
— Office of the Governor of California (@CAgovernor) April 2, 2020