PolitiCal

On politics in the Golden State

« Previous Post | PolitiCal Home | Next Post »

Voters pass Proposition 39 on corporate taxes, AP says

Proposition 39, a measure to change California’s corporate income tax code, has passed, the Associated Press said.

Bay Area investor Tom Steyer placed the measure on the ballot to raise $1 billion annually for the state, with the money to be split between the general fund and a new $500-million program to promote green buildings.

Steyer spent more than $28 million on the effort, paying for almost the entire campaign himself.

He designed the measure to force a uniform tax formula on all companies doing business in California, eliminating a choice of formulas that allows out-of-state firms to pay less than in-state businesses. 

Opponents said businesses cannot afford such a tax increase. They also raised questions about the green buildings program, suggesting it would become a boondoggle.

But the companies threatened with multimillion-dollar tax increases under Proposition 39 -- including Kimberly Clark, General Motors, Procter and Gamble and International Paper -- opted not to fight Steyer. There was no significant opposition campaign.

-- Evan Halper in Sacramento

 
Comments  ()

Connect

Recommended on Facebook


Advertisement

In Case You Missed It...

Video



Advertisement

Categories


Archives
 



Get Alerts on Your Mobile Phone

Sign me up for the following lists:

In Case You Missed It...