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   CA Proposition 24 - Repeals Recent Legislation That Would Allow Businesses to Lower Their Tax Liability.

ELECTION INFORMATION

Container

Corporate Tax Breaks

Race Type

Referendum

Filing Deadline

6/9/2010 12:00 pm

Polls Open

11/2/2010 9:00 am

Polls Close

11/2/2010 10:00 pm

Term Starts

11/3/2010 12:00 pm

Term Ends

11/30/9998 12:00 pm

Database Record

Posted 6/30/2010, Updated 11/5/2010

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NARRATIVE

Ballot title: Repeals recent legislation that would allow businesses to lower their tax liability. Initiative statute. Official summary: 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. Estimated fiscal impact: Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Annual state revenue increase from business taxes of about $1.7 billion when fully phased in, beginning in 2011-12.


DEBATES

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NEWS

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Category

Headline


MAP OF THIS ELECTION

 


RESULTS OF THIS ELECTION

 

No
(NO)
Announced 11/30/2009

4,138,304
58.47%

 

Yes
(YES)
Announced 11/30/2009

2,938,899
41.53%

 

Source for election returns: http://vote.sos.ca.gov/returns/ballot-measures/


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