Secretary of State No.
"STATE TAXATION OF HIGHWAY TRANSPORTATION COMPANIES. Initiative measure adding Section 15 to Article XIII of Constitution. Requires companies owning or operating, as common carriers, upon public highways, jitney busses, stages or motor vehicles, to pay annual state tax upon their operative property of four per cent of their gross receipts from operations, in lieu of all other taxes and licenses thereon except ad valorem tax to meet deficiencies or to pay bonded indebtedness, outstanding November 4, 1924, of political subdivisions; empowers legislature by two-thirds vote to change such percentage."
State Taxation Of Highway Transportation Companies California Initiative 1924-s-1 (1924).