Official Title and Summary
Repeals Recent Legislation That Would Allow Businesses to Lower Their Tax Liability.
- Repeals recent legislation that would allow businesses to shift operating losses to prior tax years and that would extend the period permitted to shift operating losses to future tax years.
- Repeals recent legislation that would allow corporations to share tax credits with affiliated corporations.
- Repeals recent legislation that would allow multistate businesses to use a sales-based income calculation, rather than a combination property-, payroll- and sales-based income calculation.
Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact:
- Increase state revenue increases of about $1.3 billion each year by 2012-13 from higher taxes paid by some businesses. Similar increases in 2010-11 and 2011-12.
Peace and Freedom Party Position
We need to tax corporations and the rich and pass budgets that meet our human needs. Yes on 24 and 25 and No on 26 are steps in the right direction.
In the last two years, the state legislature had to make deals which will lead to increasingly lower corporate taxes. Proposition 24 repeals those tax breaks, increasing state revenue around $1.3 billion per year. Vote YES.
Source: California Budget Project
Last Updated on Monday, 25 October 2010 14:09