Senate Constitutional Amendment 31 adding Section 12; to Article XIII of Constitution. Authorizes legislation, subject to initiative and referendum, for taxation of notes, debentures, shares of stock, bonds or mortgages, not exempt from taxation, in manner or at rate or in proportion to value different from other property, such taxes to be in lieu of all other property taxes, state, county, municipal or district, upon such property, and to be equitably distributed to the county, municipality or district wherein such property is taxed; declares taxation under Section 14 of same article unaffected hereby.
Popular Vote Results
Y: 248541; A: 41.4; N: 352391; B: 58.6
Senate Constitutional Amendment
Wm. J. Carr, State Senator Thirty-sixth District; A. H. Breed, State Senator Fifteenth District
LOCAL TAXATION California Proposition 14 (1922).