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California governor wants sales tax relief for businesses

GOV. GAVIN NEWSOM
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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.