Secretary of State No.
TAXATION - PERSONAL AND CORPORATE INCOME. INITIATIVE CONSTITUTIONAL AMENDMENT. Amends personal and corporate income tax provisions currently contained in article XIII, sections 26 and 27 of California Constitution. Extends present tax-exempt category of educational institutions to religious institutions. Specifies tax deductions, credits and exemptions which Legislature can grant to persons or corporations. Establishes a 9% tax limit on taxable personal income. Requires corporate income to be taxed at not less than 9% and eliminates certain credits and deductions for corporations. Allows Legislature to create certain classifications of tax-exempt organizations. Provides that effective date of amendment shall be January 1, 1981. Financial impact: Would reduce personal income taxes by more than $4.5 billion, and increase bank and corporation taxes by more than $250 million, resulting in net loss in state revenues of more than $4 billion. No effect on state costs or local government revenues and costs.
Mr. Charles W. Dailey, 430 W. Adams Park Drive, Covina, California 91722
Failed to Qualify
Taxation - Personal And Corporate Income. California Initiative 190 (1979).