Assembly Constitutional Amendment 53. Adds section 14 4/5 to Article XIII, Constitution. Continues through 1942 present taxation provisions affecting insurers. Thereafter taxes insurers, defining same, on annual basis, at rates, and subject to deductions, therein specified, prescribing specifically basis for title insurers. Specifies allowable realty tax deductions through 1946, thereafter prohibiting deductions for taxes paid on real estate owned unless principal office located thereon. Reduces tax rate .05 percent yearly through 1946, prescribing rate of 2.35 percent of annual tax basis thereafter but empowering Legislature to change rate.
Popular Vote Results
Y: 987687; A: 69.7; N: 449094; B: 31.3
Assembly Constitutional Amendment
Code Sections Affected
Added Cal. Const. art. XIII, section 14 4/5.
Richard H. McCollister, Member of the Assembly, Seventh District.; Thomas A. Maloney, Member of the Assembly, Twentieth District.
TAXATION OF INSURANCE COMPANIES California Proposition 7 (1942).