Secretary of State No.
TAX AND EXPENDITURE LIMITATIONS. Initiative Constitutional Amendment. Limits State expenditures; restricts use of defined surplus revenue to tax reductions, refunds, or emergencies. Eliminates personal income tax for lower income persons; reduces others' 1973 or 1974 tax up to 20%, from surplus, and subsequent year rates 7 1/2%. Requires two-thirds legislative vote for new or changed State taxes. Limits local property tax rates except school districts'. Requires State funding of new programs mandated to local governments. Provides for tax and expenditure limit adjustments when functions transferred. Contains special indebtedness obligation provisions. Allows local tax rate and expenditure limit increases upon voter approval. If the proposed initiative is adopted undefined additional financing from State sources in the approximate amount of Five Hundred Sixty Eight Thousand dollars ($568,000) on a one-time basis and Two Hundred Thirty Six Thousand dollars ($236,000) annually thereafter will be required for State administrative costs.
Mr. Norman Topping, P. O. Box 225, Sacramento, California 95802 Attention: John Diepenbrock; Mr. Norman Topping, 100 South Plymouth Blvd., Los Angeles, California 90004
Revenue Control And Tax Reduction California Initiative 76 (1973).