Secretary of State No.
EXCISE TAX ON CREDIT TRANSACTIONS. INITIATIVE CONSTITUTIONAL AMENDMENT. Imposes 5% tax upon retail sale of goods or services to extent that purchase is made on credit. Excise tax would also apply to purchases made by use of credit cards, and loans made in contemplation of retail purchase where note or other document used in connection with making of loan is available upon seller's premises or if seller owns any equity in company making the loan. Revenues from excise tax shall be deposited in the "Local Government Distribution Fund" and disbursed to local government in accordance with a formula.
California Foundation For Economic Justice, 76 Third Street #725, San Francisco, California 94103 Telephone: (415) 362-9210; Mr. Patrick H. O'Shaughnessy, 76 Third Street, No. 725, San Francisco, California 94103; Ms. Bunny Roth, 317 Tenth Street, San Francisco, California
Failed to Qualify
Excise Tax On Credit Transactions California Initiative 98 (1974).