Title

TAX ON EMPLOYERS WHO COLLECT LIFE-INSURANCE BENEFITS UPON THE DEATH OF FORMER EMPLOYEES. INITIATIVE STATUTE

Attorney General No.

09-0009

Secretary of State No.

1363

Description

Establishes that life insurance proceeds received by an employer upon the death of a former or retired employee will be considered taxable gross income when the employer lacks an “insurable interest” in the employee. Exempts employers who are charitable organizations. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: State revenue increases of up to several millions of dollars from higher business income taxes in some years.

Proponents

Gregory Smith

Date

6-16-2009

Document Type

Initiative

Qualified

Failed to Qualify

Recommended Citation

TAX ON EMPLOYERS WHO COLLECT LIFE-INSURANCE BENEFITS UPON THE DEATH OF FORMER EMPLOYEES. INITIATIVE STATUTE California Initiative 1363 (2009).
https://repository.uclawsf.edu/ca_ballot_inits/1558