WATCH: ‘Waters Edge’ tax breaks would end if California bill passes

Editor’s note: This story has been updated since its original publication to add a video.

(The Center Square) — Corporations would no longer be able to get billions of dollars of tax breaks if a new bill introduced in the California Legislature makes it across the finish line.

Assemblymember Damon Connolly, D-San Rafael, together with other lawmakers and members of the SEIU of California, announced Assembly Bill 1790, which would end the “Waters Edge” corporate tax break. SEIU stands for Service Employees International Union.

“For the past 40 years, California has given multi-national corporations the opportunity to choose what tax scheme they would like to use to ensure they pay as little taxes as possible in our state,” Connolly said during a press conference Tuesday morning. “They do this through the use of the Waters Edge tax election, which allows a corporation to only pay taxes on revenue they decide is earned through the ‘waters edge’ boundaries of California.”

This choice of ...