Government: California Tunes in Sony

California Tunes in Sony

Ever since multinational corporations began crowding into California in the 1970s, they have been lobbying local legislators to repeal the state's onerous "unitary tax" law. Under its provisions, these companies had to pay taxes on their global profits, rather than only on income made in California. The California legislature has now passed a bill allowing firms to pay a tax equivalent to just .03% of their statewide assets, payroll and sales. The new system is expected to cut the California taxes of some foreign companies by 75% or more.

A pleased Sony said last week that it would now invest some...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!