GOVERNOR NEWSOM ISSUES EXECUTIVE ORDER EXTENDING CALIFORNIA BUSINESS TAX FILING DEADLINE
State Board of Equalization Leaders Antonio Vazquez & Mike Schaefer Work with Governor to Help Businesses Impacted by COVID-19
SACRAMENTO – Today, Governor Gavin Newsom issued an Executive Order extending the tax filing deadline for Business Personal Property Tax Statements by nearly a month, from May 7, 2020 to May 31, 2020.
California business property taxpayers are required to report their taxable business personal property with a combined value of $100,000 or more to their county assessors annually. Businesses faced a 10% penalty if they were unable to file by this Thursday’s May 7 deadline.
Business personal property includes business equipment, supplies, leasehold improvements, and tangible assets like printers, copiers, furniture, manufacturing, and lab and restaurant equipment, but not real property.
State Board of Equalization (BOE) Chairman Antonio Vazquez and Vice Chair Mike Schaefer have worked collaboratively with the Governor’s Office over the last month to obtain relief for business personal property taxpayers whose businesses have been impacted by the COVID-19 pandemic.
“I appreciate that the Governor took the time to listen to our concerns on behalf of business personal property taxpayers and take much-needed action to assist them during this difficult time,” Chairman Antonio Vazquez stated.
“I want to thank BOE Vice Chair Mike Schaefer, for joining me in working with the Governor’s Office to find a solution and extend the May 7 deadline for Business Personal Property Tax Statements to help taxpayers,” he added.
State Board of Equalization Vice Chair Mike Schaefer said, “In these times of unprecedented hardship for Californians, the Board of Equalization is determined to do everything in our power to ease the burden of COVID-19 on taxpayers.”
“I commend Governor Newsom’s timely and thoughtful action to extend the filing date to May 31, and thereby diminish the burden of COVID-19 on California small businesses and taxpayers,” he added.
Taxpayers should contact their State Board of Equalization Member (boe.ca.gov) or their local Assessor for more information.
The five-member California State Board of Equalization is the nation’s only directly elected tax board that serves the public through fair, efficient, and uniform tax administration of property taxes.
As always, we will keep you informed and share additional information as it becomes available