Secretary of State No.
EXCISE TAXES UPON INTEREST AND STOCK DIVIDENDS. INITIATIVE CONSTITUTIONAL AMENDMENT. Beginning in 1974, all stock dividends and interest payments received by "persons" within taxing power of state shall be subject to excise tax as follows: 10% on first $5,000 and 15% on remainder. Tax shall not apply to corporations controlled by more than 50 shareholders nor to interest received upon tax-exempt government bonds. Franchise Tax Board shall administer collection of taxes. Revenues shall become part of "Local Government Distribution Fund" and disbursed to counties and municipalities in accordance with formula. Provides criminal sanctions for failure to report payments received.
Califcrnia 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 Taxes Upon Interest And Stock Dividends California Initiative 99 (1974).