Business News

Details

Written by: Lake County News Reports

Published: 08 September 2018

SACRAMENTO – The lack of access to financial institutions continues to be a significant challenge for the cannabis industry, forcing cannabis businesses to pay their tax obligations using cash.

However, Assembly Bill 1741 authored by Assemblymember Rob Bonta (D-Oakland) and signed by the governor, removed a fee levied on cannabis businesses that pay the taxes they owe using cash.

“Now that California is establishing a regulatory system for the influx of businesses into the cannabis industry, we need to do everything we can to encourage tax compliance in this billion dollar industry. It’s unfair to penalize cannabis businesses for their lack of access to banks. Assembly Bill 1741 (Bonta) is a step forward for this industry while we continue to find a path for California’s cannabis businesses to get access to financial institutions,” said Vice Chair of the California State Board of Equalization Fiona Ma, CPA and co-sponsor of AB 1741.

“I want to thank Gov. Brown for signing my AB 1741 into law. AB 1741 will create equity for taxpayers within the cannabis industry by removing an unfair penalty on cash tax payments made to the state. The new law will further incentivize the cannabis industry to legally comply with California’s tax code, which in turn will generate more tax revenue and further stimulate California’s economy,” said Assemblyman Bonta.

“Discouraging cash payments only increases non-compliance in an industry that wants to comply with its tax obligations. That is why CCIA is committed to helping to advance tax policies that support a compliant cannabis industry, which is why we were pleased to co-sponsor AB 1741," said California Cannabis Industry Association Executive Director Lindsay Robinson.

Before the governor signed AB 1741, the law required businesses that have monthly sales, use, cultivation and excise tax payments averaging $10,000 or more to submit their payments using electronic fund transfers. If they don’t do so, penalties will be imposed.

The Legislature passed AB 821 (Gipson) in 2016, which removed the 10-percent fee on all nonelectronic funds transfer, or non-EFT, payments over $10,000, however, AB 821 only applied to sales and use taxes on medical cannabis.

AB 1741 (Bonta) removes the 10-percent fee on non-EFT payments over $10,000 for cultivation and excise taxes on medical and adult-use cannabis, creating equity for the taxpayers in this industry.

AB 1741 further incentivizes the cannabis industry to legally comply with California’s tax code, which in turn would generate much more taxable revenue and further stimulate California’s economy.

Details

Written by: California Department of Food and Agriculture

Published: 07 September 2018

SACRAMENTO – The California Department of Food and Agriculture is currently accepting proposals for the 2018 California Agriculture Special Interest License Plate (CalAgPlate) grant program.

This program makes available $250,000 in grant funding to promote agricultural education and leadership activities for students at the K-12, post-secondary, and adult education levels.

Proceeds generated through the sales of specialized, agriculture-themed license plates through the California Department of Motor Vehicles (DMV) have made this opportunity available.

"I’m so very pleased to announce our fifth year of CalAgPlate funding,” said CDFA Secretary Karen Ross. “This program directly supports agricultural education and leadership opportunities throughout the state. Without the support of consumers who purchase agricultural special interest license plates and the dedication of students in FFA, 4-H and other programs this funding opportunity would not be possible.”

A purchase of a CalAgPlate helps to fund educational opportunities statewide which include agricultural workshops, farm tours and the State FFA Leadership Conference.

The CalAgPlate program has funded more than $994,629 in youth educational activities since the program's inception.

Funding is available on a competitive basis for state-adopted Agricultural Education Programs (Education Code Section 52450-52454), government agencies, and non-profit organizations that administer agricultural education programs.

The application deadline is Oct. 5, 2018.

For further information and grant application materials, please visit: www.cdfa.ca.gov/calagplate.

You can help support agricultural education and the CalAgPlate program by purchasing a special interest license plate at your local DMV office or online today.

Details

Written by: United States Department of Agriculture

Published: 06 September 2018

WASHINGTON, DC – U.S. Secretary of Agriculture Sonny Perdue has unveiled a new Web page featuring information about the importance of rural e-Connectivity and the ways the U.S. Department of Agriculture is investing to help deploy high-speed broadband infrastructure in rural America.

“Rural high-speed broadband e-Connectivity is as important for economic development as rail, roads, bridges and airports – and as vital as the buildouts of rural telephone networks were decades ago,” Perdue said. “USDA is committed to being a strong partner with rural leaders in deploying this essential infrastructure.”

Reliable and affordable high-speed internet e-Connectivity acts as a catalyst for rural prosperity by enabling efficient, modern communications between rural American households, farms, ranches, businesses, schools and health care centers.

Yet, according to the Federal Communications Commission, 80 percent of the 24 million Americans who lack broadband access live in rural areas and on tribal lands.

USDA plays an important role in helping rural communities bridge this infrastructure gap through program investment, strategic partnerships and best practice implementation by investing in rural telecommunications infrastructure.

This new Web site will provide direct access to information on our decades-long programs that offer more than $700 million per year for modern broadband e-Connectivity in rural communities.

In the coming months, USDA will almost double these longstanding programs with an additional $600 million to expand rural broadband infrastructure in unserved rural areas and tribal lands.

As we are working to set up the new pilot program, USDA wants to hear the thoughts and needs of Americans living and doing business in rural communities. The new website includes a feedback form for the general public and interested stakeholders to provide input on the design and requirements of the new pilot program.

In April 2017, President Donald J. Trump established the Interagency Task Force on Agriculture and Rural Prosperity to identify legislative, regulatory and policy changes that could promote agriculture and prosperity in rural communities.

In January 2018, Secretary Perdue presented the Task Force’s findings to President Trump, which included 31 recommendations to align the federal government with state, local and tribal governments to take advantage of opportunities that exist in rural America.

To view the report in its entirety, please view the Report to the President of the United States from the Task Force on Agriculture and Rural Prosperity.

In addition, to view the categories of the recommendations, please view the Rural Prosperity infographic here or below.

USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs in rural areas.

This assistance supports infrastructure improvements; business development; housing; community services such as schools, public safety and health care; and high-speed internet access in rural areas.

For more information, visit www.rd.usda.gov.

Rural Task Force Infographic by LakeCoNews on Scribd