Jim Miller. Press Enterprise

SACRAMENTO – California is losing billions of dollars in potential revenue through various tax credits, exemptions and deductions at the same time lawmakers have approved deep spending cuts to address the state’s enormous budget problems. From no sales tax on tractor purchases to special business-friendly zones in San Bernardino and elsewhere, tax-benefit programs total more than $40 billion in lost general fund revenue in the current budget year and almost $43 billion in the next one, according to the most recent estimate by Gov. Arnold Schwarzenegger’s Department of Finance. 
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