Corporate tax campaign releases new advertisement
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.
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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
