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CA Eyes New Tax on Cloud Software
15 May
Summary
- California governor proposes new tax on cloud software sales.
- The tax aims to generate billions in state and local revenue.
- This is part of the governor's annual May budget revision proposal.
Governor Gavin Newsom of California has put forth a proposal for a new tax targeting cloud-based software sales. This initiative is included in the governor's annual May budget revision.
The proposed tax is projected to generate billions of dollars for both state and local revenues in the upcoming years. It is anticipated that major software corporations will be affected by this measure.
This proposal signifies a potential shift in how digital services are taxed within the state. The administration anticipates substantial revenue increases from this new taxation strategy.
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