SACRAMENTO -- California lawmakers have sent the governor a bill that would end state efforts to collect a retroactive tax increase from investors.
A signature by Gov. Jerry Brown would relieve about 2,000 taxpayers from having to pay $120 million in back taxes.
The California Franchise Tax Board made an effort to collect the money after the state Court of Appeal ruled that a tax break, known as the Qualified Small Stock exemption, was partially unconstitutional. That left shareholders on the hook for income from stock sold between 2008 and 2012.