Secretary of State No.
EXCISE TAX ON INCOME. INITIATIVE CONSTITUTIONAL AMENDMENT. Provides that beginning in 1975 every person, and trusts, partnerships, and corporations controlled by 50 or fewer shareholders, having adjusted gross income in excess of $25,000 shall pay special excise tax of 15% on portion exceeding $25,000. Franchise Tax Board shall administer program and funds derived therefrom shall be deposited in "Local Government Distribution Fund" for disbursement to local governments in accordance with formula. Attorney General may bring civil action against taxpayer failing to report true adjusted gross income. Recovery shall be equal to three times amount of tax evaded.
California Foundation For Economic Justice, 76 Third Street #725, San Francisco, California 94103 Telephone: (415) 362-9210; Mr. Patrick H. O'Shaughnessy, 76 Third Street, No. 725, San Francisco, California 94103; Ms. Bunny Roth, 317 Tenth Street, San Francisco, California
Failed to Qualify
Excise Tax On Income California Initiative 100 (1974).