SACRAMENTO – George Runner announced recently that the Board of Equalization is making good progress in getting millions of dollars in security deposits back to California businesses.
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“We’re currently writing to more than 4,000 taxpayers who made non-cash security deposits, like bonds and TCDs, to let them know they are no longer required to post security,” said Runner. “These non-cash deposits exceed more than $40 million statewide.”
The board is authorized by state law to collect security deposits from new and existing businesses in case a business defaults on tax payments to the board. However, of the nearly $300 million in security on deposit with the state, only a small percentage was drawn down each year — making the program no longer cost effective for the state.