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Corporate tax campaign releases new advertisement

October 5, 2012 |  7:00 am

Steyer cropped

While most of the attention this year has focused on Gov. Jerry Brown's and Molly Munger's rival tax campaigns, there's also a third ballot initiative that would increase tax revenue.

That initiative, Proposition 39, is being touted in a new statewide television advertisement released Thursday. 

The advertisement said the current tax code includes a loophole that allows corporations to "move facilities and jobs out of state and get a tax break.”

Proposition 39 would change corporate taxes so companies with more operations based out-of-state would have to pay more.

The additional revenue, an estimated $1 billion annually, would be split between alternative-energy projects and the state's general fund for five years. After that, it would all go to the general fund.

A recent USC Dornsife/Los Angeles Times poll said the initiative has 51% support among registered voters. Only 29% disapprove.

ALSO:

Opponents prime arguments for corporate tax campaign

Procter & Gamble stands aside as corporate tax battle heats up

Assembly speaker backs Proposition 39's corporate-tax revamp

-- Chris Megerian in Sacramento
twitter.com/chrismegerian

Photo: Tom Steyer, the main proponent of Proposition 39, speaks to the delegates on the second night of the 2012 Democratic National Convention in Charlotte, N.C. Credit: Harry E. Walker / MCT

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