3 firms that paid no taxes to reap huge state refunds

[The Straight Story]

3 firms that paid no taxes to reap huge state refunds

Trio set to receive $5 million rebate; 22 other outfits hope to cash in

By Jim Wasserman, Associated Press

SACRAMENTO — In a move that has stirred critics, three California-based companies that reportedly paid no state business income taxes last year will receive $5 million in tax refunds, while 22 similar requests for another $77 million are pending.

The California Board of Equalization, a group of elected officials who oversee state tax policy, may consider more corporate requests as early as Jan. 25. But opposition is already rising amid a continuing state budget deficit.

Critics are fuming over the board's Dec. 15 decision to award $4.1 million in tax refunds to Conexant Systems, Inc., of Newport Beach, which bills itself
as "a worldwide leader in semiconductor solutions for broadband communications, enterprise networks and the digital home." The board also voted to award $624,450 to Grundfos U.S. Holding Corp., which has a pump manufacturing facility in Fresno, and $163,155 to Lightwave Electronics Corp., a Mountain View-based laser technology company, said agency spokeswoman Anita Gore.

http://www.insidebayarea.com/timesstar/ci_2499574