Title

State Taxes.

Proposition Summary

STATE TAXES. INITIATIVE STATUTE. • Increases state tax rates for top personal income taxpayers. • Temporarily suspends indexing on top personal income tax brackets. • Increases income tax rates for corporations and premium tax rates on insurers. • Defines corporate income to include specified excess employee compensation. • Increases tax liability of banks and corporations doing business within and outside California. • Provides for reappraisal of most business-owned real property upon specified change in ownership interests. • Imposes new oil severance tax. • Changes tax rules related to oil and gas production. • Repeals 1991 sales tax increases. • Provides for renters' tax credits. Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact: • Increases state tax revenues by roughly $340 million in 1992-93, and $210 million annually through 1995-96. Additional annual revenue increases of roughly $1 billion beginning in 1996-97. • Replaces state expenditures on schools with increased local property tax revenue of $350 million to $700 million annually beginning in 1993-94. • Increases property tax revenue to local governments by $750 million to $1.4 billion annually, beginning in 1993-94. Reduces sales tax revenue to local governments by about $95 million in 1992-93 and $200 million annually thereafter. • The actual fiscal impact could differ significantly from these estimates, depending on how individuals and businesses respond to the measure's tax changes.

Proposition Number

167

Year

1992

Document Type

Proposition

Pass/Fail

Fail

Popular Vote Results

Y: 4293460; A: 41.16; N: 6136895; B: 58.84

Election Type

General Election

Proposition Type

Initiative statute

For Author

Lenny Goldberg, Executive Director, California Tax Reform Association; Howard Owens, President, Congress of California Seniors; Dan Terry, President, California Professional Firefighters

Against Author

Jane A. Armstrong, State Vice Chairman, Alliance of California Taxpayers and Involved Voters (ACTIV); Lynne Choy Uyeda, President, Federation of Minority Business Associations; Larry Lutz, Former Chair, California Commission on Aging

Rebuttal Author

Gene Penne, Chair, Small Business Committee, California Chamber of Commerce; Larry McCarthy, President, California Taxpayers Association; Peter D. Kelly III, Former Chair, California Democratic Party

Rebuttal Against Author

Jerry Cremins, President, State Building & Construction Trades Council of California; Mary Bergan, President, California Federation of Teachers; Howard Owens, President, California Congress of Seniors

Download

Share

COinS