Attorney General No.
SA2004RF0035
Secretary of State No.
1073
Description
Authorizes creation of private companies as Economic Development Banks owned by natural-born U.S. citizens. Authorizes Banks to accept time deposits only, finance and invest in California economic development, and assist specified business, social and racial groups. Allows California residents to open tax-free, individual Bank accounts. Bars California government from limiting Bank investments or imposing assessments or zoning restrictions. Allows Banks to condemn land for specified purposes. Prohibits businesses from closing or shifting production from designated facilities. Limits state and local governments' regulation of American companies, American-made products or “big box enterprises.” Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Reduced bank-related state income tax revenues potentially totaling in the tens of millions of dollars annually. This revenue loss could be partially offset by increased state and local tax revenues from new economic activity.
Proponents
David K. Johnson, Chairman and CEO, Renaissance America, P.O. Box 3126, Beverly Hills, CA. 90212
Date
2-7-2005
Document Type
Initiative
Qualified
Failed to Qualify
Recommended Citation
Economic Development Banks. Initiative Constitutional Amendment. California Initiative 1073 (2005).
https://repository.uclawsf.edu/ca_ballot_inits/1353