Attorney General No.

SA81RF0036

Secretary of State No.

296

Description

TAXES. USE FOR HOUSING. INITIATIVE STATUTE. Increases specified state personal income tax rates, eliminates personal income tax capital gains exclusions, increases specified corporate franchise tax rates, and modifies banks and financial corporations tax. Provides for annual transfer of the additional revenues generated by these tax changes to a designated fund. Appropriates this fund to the Department of Housing and Community Development for use on specified programs to provide rental and homeownership opportunities for low, moderate, and middle income households. Definitions of these are set forth and specific provisions for administration and operation of these programs are prescribed. Contains other provisions. Fiscal impact on state and local governments: The Legislative Analyst and Director of Finance advise that, assuming this measure qualifies for the November 1982 ballot, they estimate that adoption would result in an increase in revenue to the state from personal income and bank and corporation taxes of $800 million in 1982-83, $3.4 billion in 1983-84 (the first full fiscal-year effect), and $3.7 billion in 1984-85.

Proponents

Linda Rae Valentino, 631 South Ridgeley Drive, Los Angeles, Ca 90036; Lucienne Helene O'Keefe, 101 Woodland Avenue, #7, San Rafael, Ca 94901; Glen Frank Schneider, 2308 Prince Street, Berkeley, Ca 94705; Theodore R. Hughart, 6446 Petit Avenue, Van Nuys, Ca 91406

Date

1-29-1982

Document Type

Initiative

Qualified

Failed to Qualify

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