Attorney General No.
09-0006
Secretary of State No.
1360
Description
Imposes additional, annual taxes on California residents who receive income in excess of $40,000 from pension distributions, social security, and the cash value of health care benefits. May impose a one-time, additional tax on non-California residents whose pension benefits exceed $50,000 in a year, and who earned income in California. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Annual state revenue increases of up to $6 billion to $8 billion beginning in 2010 from new taxes on pension benefits. Revenues likely would decline over time due to changes in behavior.
Proponents
Paul McCauley
Date
5-18-2009
Document Type
Initiative
Qualified
Failed to Qualify
Recommended Citation
TAX ON PENSION DISTRIBUTIONS AND HEALTH CARE BENEFITS. INITIATIVE STATUTE. California Initiative 1360 (2009).
https://repository.uclawsf.edu/ca_ballot_inits/1555