March 22, 2009 |
It is one of the many oddities of California law that in order to pass a state budget or raise taxes, the Legislature must win two-thirds approval in both houses. This unusual "supermajority" rule is a big part of the reason the Legislature has missed the legal deadline for a new state budget in 16 of the last 20 years, and why gridlock so often seems to rule the day in Sacramento.
July 12, 2006 |
Auto parts maker Delphi Corp. said its fourth-quarter 2005 net loss narrowed from a year earlier when the company had a tax-related write-off. The loss was $828 million, compared with a $4.9-billion loss a year earlier, including a $4.7-billion charge relating to deferred tax assets. Sales declined to $6.8 billion from $7 billion, while the portion of revenue from companies other than General Motors Corp. rose 7% to $3.7 billion. Troy, Mich.
April 30, 1999 |
New Hampshire found a way out of its school funding jam without imposing a state income tax. The state approved an $825-million school spending plan that relies primarily on a new, uniform, statewide property tax. The plan allows New Hampshire to maintain its status as one of only two states with no general income tax or sales tax. Alaska is the other. Eight other states have no state income tax.
November 2, 2007 |
Gemstar-TV Guide International Inc. said third-quarter profit rose sevenfold because of a tax benefit as sales climbed 7.1%. Net income increased to $123.2 million, or 29 cents a share, from $17.5 million, or 4 cents, a year earlier, the Los Angeles company said. The results included a $111.4-million tax benefit. Sales rose 7.1% to $159.6 million. The company put itself up for sale in July at the behest of Rupert Murdoch's News Corp., which has a 41% stake. Gemstar shares fell 29 cents to
March 14, 1989
St. Ives Laboratories said its earnings more than tripled to $421,000 in the fourth quarter that ended Dec. 31 from a year earlier, although the profit was boosted by income from investments and a lower tax rate. Sales climbed 8% in the quarter to $22.9 million. The Chatsworth maker of hair care products said it earned $4.5 million in 1988, up 10% from 1987. Sales increased 18% in the year to $103.9 million.