Attorney General No.

SA97RF0052

Secretary of State No.

784

Description

CORPORATIONS. TAXES. INITIATIVE STATUTE. Requires tax rate on corporate income to be the same as tax rate on income from wages and salaries. Repeals tax rates, credits, exemptions, exclusions, deductions, or methods of calculation which reduce corporate income tax revenues and became effective after January 1, 1991. Makes permanent any temporary suspensions of such tax rates, credits, exemptions, exclusions, or deductions in effect on January 1, 1991; continues existing repeals or sunsets of such provisions. Requires distribution of additional revenue resulting from the measure in each fiscal year to California residents who reported income to Franchise Tax Board in that fiscal year. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: The measure would result in an estimated state revenue gain of over $1.1 billion annually due to higher corporate tax liabilities, which would be distributed to taxpayers (no direct impact on the state budget).

Proponents

Lenny Goldberg California Tax Reform Association, 926 J Street, Suite 710, Sacramento, Ca. 95814 (916) 446-4300

Date

12-11-1997

Document Type

Initiative

Qualified

Failed to Qualify

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