Attorney General No.

SA97RF0021

Secretary of State No.

753

Description

TAXES. CORPORATIONS. INITIATIVE STATUTE. Requires tax rate on corporate income to be the same as tax rate on income from wages and salaries. Repeals any tax rate, credit, exemption, exclusion, deduction or method of calculation which reduces corporate income tax revenues and which became effective after January 1, 1991. Makes permanent any temporary suspension of such a tax rate, credit, exemption, exclusion, or deduction in effect on January 1, 1991. Requires additional revenue resulting from the measure in each fiscal year to be distributed to individuals who reported income to Franchise Tax Board in that fiscal year. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: The fiscal impact would depend largely on how key provisions were interpreted and implemented. The annual impact could range between a state revenue loss of over $2 billion, and a gain in state revenues of over $800 million which would be distributed to taxpayers and would have no direct impact on the state budget.

Proponents

Lenny Goldberg California Tax Reform Association, 926 J Street, Suite 710, Sacramento, Ca 95814 (916) 446-4300

Date

9-26-1997

Document Type

Initiative

Qualified

Failed to Qualify

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