Senate Constitutional Amendment 17. Adds Section 18 to Article XIII of the Constitution. Requires each ocean marine insurer pay annual State tax measured by that proportion of its underwriting profit from business in United States which its gross premiums from business in California bear to its gross premiums from business in United States; exempting such insurer from-all other taxes and licenses except real property taxes and those imposed because of other class of insurance written by it. Requires Legislature define "ocean marine insurance" and "underwriting profit." fix tax rate and provide for assessment and collection.
Popular Vote Results
Y: 706293; A: 75.9; N: 224252; B: 24.1
Senate Constitutional Amendment
Code Sections Affected
Added Cal. Const. art. XIII, section 18.
Will R. Sharkey, State Senator, Ninth District; Tallant Tubbs, State Senator, Nineteenth District
TAXATION OF OCEAN MARINE INSURERS California Proposition 17 (1930).