Attorney General No.
Secretary of State No.
GIFT AND INHERITANCE TAXES. INITIATIVE STATUTE. Repeals existing statutes governing gift and inheritance taxes for transfers made or completed on or after date of enactment. Prohibits future imposition of such taxes by state or local government. Reenacts state tax on decedents' estates measured by maximum credit against federal estate taxes allowed by federal law for property located in California. Combined estate tax liability to California and the United States cannot exceed tax liability to United States for property located in California if state tax were not imposed. Requires Legislature to provide for collection and administration of such tax. Fiscal impact on state and local governments: Loss of revenue to State General Fund of $188 million in 1982-83, of $600 million in 1983-84, and $720 million in 1984-85. State costs reduced $4 million annually when fully effective. State revenue loss would probably reduce state payments to local governments and schools beginning in 1982-83.
Honorable Don Rogers Assemblyman, 33Rd District, 412 - 18Th Street, Bakersfield, Ca 93301
Gift And Inheritance Taxes California Initiative 250 (1980).