Attorney General No.
Secretary of State No.
Creates taxes on corporations and commercial property; reduces state sales/use taxes by equivalent amount. Amends Proposition 13 to tax commercial property at current market value. Creates oil extraction tax. Increases tax on insurers' premiums. Increases general corporate income tax/alternative minimum corporate tax. Establishes graduated tax on S corporation income over $100,000. Limits carryover credits available to reduce corporate taxes. Limits corporate tax deductions for energy drilling/development costs. Subject certain foreign business income to state taxation. Requires state budget summary in statewide ballot pamphlets. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Potential increase in local government revenues of about $1.3 billion annually coupled with increased state spending obligations of a similar amount. Increased property tax and income tax payments by businesses, offset by a commensurate amount of sales tax reductions for individuals and businesses.
Roberta B. Johansen, James C. Harrison
Failed to Qualify
Corporate And Commercial Property Tax Increase. Sales Tax Reduction. Initiative Constitutional Amendment And Statute. California Initiative 1120 (2005).