Secretary of State No.
GROSS RECEIPTS TAX. Initiative Constitutional Amendment. Provides for taxing all money and value received, including the value of commodities when produced and/or processed, at a percentage thereof sufficient to balance state and local budgets, excepting therefrom bank deposits and principal of loans. Requires public utilities pay State tax plus average of all local taxes on gross receipts. Prohibits all other state and local taxes. Limits budget increases to five per cent annually. Prohibits exemptions. Provides for elective State Administration Board and elective County Administrators. Authorizes enforcement legislation; prescribes penalties for violation.
Failed to Qualify
Gross Receipts Tax California Initiative 1934-g-1 (1934).