Attorney General No.
Secretary of State No.
TOP INCOME TAX BRACKETS. CONTINUATION. REVENUES TO LOCAL AGENCIES. INITIATIVE STATUTE. Continues highest tax rates of 10% and 11% on residents with taxable income over $100,000 and $200,000, respectively, and residents who are heads of households with taxable income over $136,115 and $272,230, respectively. Requires apportionment of revenues from continued tax brackets among counties. Requires counties to allocate such revenues among local agencies in accordance with each agency's proportionate share of property tax revenue that must be transferred under 1994 legislation to local school and community college districts. Prohibits future reduction of a local agency's proportionate share of property taxes. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Increased revenue to the state of approximately $900 million in the 1996-97 fiscal year and approximately $750 million annually thereafter. Up to 60% of the increased revenue would be allocated to schools and the remainder would be allocated to local governments. Limits the state's ability to reduce local government revenues through property tax shifts.
Lenny Goldberg Roy Ulrich California Tax Reform Association, 926 "J" Street, Suite 710, Sacramento, Ca 95814 (916) 446-4300
Top Income Tax Brackets. Continuation. Revenues To Local Agencies. California Initiative 703 (1996).