Attorney General No.
Secretary of State No.
STATE TAXES. INITIATIVE STATUTE. Increases state tax rates for maximum personal income taxpayers and alternative minimum personal income taxpayers. Temporarily suspends indexing on top personal income tax brackets. Increases income tax rates for corporations and premium tax rates on insurers. Defines corporate income to include specified excess employee compensation. Increases tax liability of banks and corporations doing business within and outside California. Provides reappraisal of corporate-owned real property upon specified change in ownership interests. Imposes new oil severance tax. Changes tax rules related to oil and gas production. Repeals 1991 sales tax increases. Provides for restoration of renters' tax credits. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Under this measure, local government revenue (exclusive of K-14 schools) would increase approximately $585 million to $1.2 billion annually. State revenues would increase $435 million in 1992-93 and $269 million annually thereafter, until 1996-97, when additional annual revenue gains in excess of $1 billion would be realized. It is also estimated that the measure would result in state cost savings of approximately $478 million to $833 million in 1993-94, and $360 million to $720 million annually thereafter, for K-14 school apportionments.
Lenny Goldberg California Tax Reform Association, 926 J Street, Suite 710, Sacramento, Ca 95814 (916) 446-4300; Howard Owens California Tax Reform Association, 926 J Street, Suite 710, Sacramento, Ca 95814 (916) 446-4300
State Taxes. California Initiative 576 (1992).