https://frenchdistrict.com/californie-nord/articles/silicon-valley-entreprises-hightech/
California’s tech entrepreneurs and investors who claimed to have left the state to evade a proposed billionaire tax can expect detailed residency audits. This scrutiny aims to determine whether they still owe the 5% levy, despite having moved out. The California Franchise Tax Board (FTB) is set to conduct these audits, examining bank statements, travel records, cell phone data, and social media activity to verify residency status as of January 1, 2026. This move comes as Proposition 40, the 2026 Billionaire Tax Act, prepares for the November ballot, potentially impacting those with a net worth exceeding $1 billion.
Key Takeaways
Market pricing suggests decreased confidence in the billionaire tax passing, consistent with potential complications from the audits.
Proposition 40 targets individuals classified as residents on January 1, 2026, with audits to ensure compliance.
