Secretary of State No.
TAXATION - PERSONAL AND CORPORATE INCOME. INITIATIVE CONSTITUTIONAL AMENDMENT. Amends personal and corporate income tax provisions currently contained in article XIII, sections 26 and 27, of California Constitution. Establishes formula for tax rate, not to exceed 7 1/2%, that may be applied to any individual's taxable income. Sets maximum tax rate for corporate taxable income at 6 1/4%. Requires Legislature to define taxable income for persons and corporations. Allows Legislature to classify types of organizations as tax-exempt corporations and specify what part of their income shall be tax exempt. Provides that effective date of amendment shall be January 1, 1981. Financial impact: Would reduce personal income taxes by about $1.7 billion, and bank and corporation taxes by about $800 million, resulting in annual loss in state revenues of about $2.5 billion. No effect on state costs or local government revenues and costs.
Mr. Charles W. Dailey, 430 W. Adams Park Drive, Covina, California 91722
Failed to Qualify
Taxation - Personal And Corporate Income California Initiative 197 (1979).