The California Legislative Analyst’s Office, the state’s budget watchdog, expects Friday’s Facebook initial public offering to generate $2.1 billion in revenue for the state through the 2013 fiscal year.
Facebook has a potentially taxing problem on its hands, and the company will address it by increasing its $2.5 billion credit line.
Senator Carl Levin, a Democrat from Michigan, introduced legislation Wednesday to try to close a huge tax loophole that Facebook was poised to take advantage of with its initial public offering looming.
Hazel Cunningham in Ashford, U.K. wound up in Folkestone Magistrates’ Court in Kent after fraud investigators working for local taxation authorities found her Facebook photos didn’t jibe with her tax filings.
Tax breaks for social media will be available in 21 U.S. states and all of Canada within a couple years.
A Facebook research project has been included in list of funded projects that according to GOP were a total waste of money. The GOP produced report marked the first anniversary of the Stimulus package, formerly known as the American Recovery and Reinvestment Act of 2009.