Assembly Constitutional Amendment 1. Adds Section 16 to Article XIII. Substitutes for state bank share and corporation franchise tax on banks and other financial, mercantile, manufacturing and business corporations equaling four per cent their net income, allowing them, except banks, personal property tax offset up to nine-tenths state tax. Authorizes legislative change in method of taxing banks and such corporation without constitutional amendment. Taxes intangibles three mills per dollar on their actual value for benefit of local subdivisions. Permits Legislature to change such offset or any rate by two-thirds vote, limiting rate on intangibles to four mills.
Popular Vote Results
Y: 899351; A: 73.1; N: 330872; B: 26.9
Assembly Constitutional Amendment
Code Sections Affected
Added Cal. Const. art. XIII, section 16.
H. C. Nelson, State Senator, First District
TAXATION California Proposition 3 (1928).