Legislative Constitutional Amendment. Establishes formula and limits amount of real property taxes on home or principal office buildings deductible from gross premiums tax by foreign insurers immediately, and by domestic insurers on home or principal office buildings commenced after .January 1, 1970. Redefines term "insurer" so that reciprocal or interinsurance exchanges together with their attorneys in fact be considered as single unit.
Popular Vote Results
Y: 2881388; A: 56.8; N: 2195027; B: 43.2
Assembly Constitutional Amendment
Mutual Life Ins. Co. v. City of Los Angeles: 50 Cal. 3d 402
Code Sections Affected
Amended Cal. Const. art. XIII, section 14 1/4 (a)
Charles Edward Chapel, Assemblyman, 46th District; Stephen P. Teale, Senator, 26th District
E. Richard Barnes, Member Assembly Committee on Revenue and Taxation
TAXATION: INSURANCE COMPANIES; HOME OR PRINCIPAL OFFICE DEDUCTION California Proposition 8 (1966).