Secretary of State No.
TAXATION - INSURANCE COMPANIES - INITIATIVE CONSTITUTIONAL AMENDMENT. Amends section 28, article XIII of California Constitution imposing annual tax on insurers. Eliminates existing provisions which provide that the annual tax on insurers, including marine insurers, is in lieu of all other state, county and municipal taxes and licenses. Increases legislative votes required to increase the rate of taxes imposed on insurers from a majority of all members elected to each house to two-thirds of the membership of each house. Provides that the effective date of this amendment shall be January 1, 1981. Financial impact: Would increase state revenue by over $100,000,000, and could result in substantial but unknown increases in local taxes and fees if existing local licenses and taxes currently precluded by existing section 28, article XIII from being imposed on insurers are imposed.
Mr. Charles W. Dailey, 430 W. Adams Park Drive, Covina, California 91722
Failed to Qualify
Taxation - Insurance Companies California Initiative 192 (1979).