Gavin Newsom: “Capping the tax at 5 million or 50% of their liability [for…”

“That's also proposed in this budget helping support startups, small businesses and then try to level the playing field with big corporations by simply Capping the tax at 5 million or 50% of their liability [for startups and small businesses]. I mean some folks are never going to pay taxes for years and years and years and they're just hoarding these tax credits. So we're going to put a little cap on that.” (35:08–35:25)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.