Title

Income Tax

Secretary of State No.

225

Description

INCOME TAX. INITIATIVE STATUTORY AMENDMENT. Defines taxable and non-taxable income. Defines and limits allowable deductions and credits. Tax rate for general corporations is 12%. Tax rates for non-corporate taxpayers range from zero to 12%, with 12% rate applying to taxable income over $25,400 ($50,800 for married persons filing joint returns). Requires indexing of personal income tax brackets reflecting annual changes in consumer price index. No tax payable on first $10,000 of income of individual or $20,000 of married persons filing joint returns. Legislature may make specified amendments by two-thirds vote. Applicable to tax years beginning on or after January 1, 1981. Fiscal impact: State revenues reduced by about $200,000,000 in 1980-81. State revenues increased approximately $600,000,000 in 1981-82. Long-term effect unknown. No effect on local governments in 1980-81. State payments to local governments reduced by about $850,000,000 in 1981-82. Long-term effect unknown.

Proponents

Jonathan C. Lewis, 1902 Regis Dr., Davis, Ca 916/758-3206; Stephen J. Smith, 1409 L St., Davis, Ca 916/758-7098; Walter Reinsdorf, 116 Russell Blvd., #17, Davis, Ca 916/753-5489

Date

12-19-1979

Document Type

Initiative

Qualified

Failed to Qualify

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