Secretary of State No.
PERSONAL INCOME TAX: CAPITAL GAINS AND LOSSES. INITIATIVE. Amends and repeals provisions of Personal Income Tax Law dealing with capital gains and losses. Provides that all capital gains are taxed at ordinary income rates, except that only 50% of the gain from the sale of a principal residence is recognized as income. Provides that capital losses are deductible to extent of capital gains plus $2,000. Provides for $2,000 capital loss carry forward.
Mr. James R. Bailey, 1220 1/2 E. San Antonio Street, San Jose, California 95116; Mr. John C. Reiger, 1537 - 37Th Street, Sacramento, California 95816; Ms. Margaret M. Smith, 831 Menker Avenue, San Jose, California 95128
Failed to Qualify
Personal Income Tax: Capital Gains And Losses. California Initiative 62 (1972).