Teachers’ union gives another $500,000 to roll back corporate tax cuts

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The California Teachers Assn. has donated another $500,000 to the effort to repeal new corporate tax breaks set to go into effect later this year.

The union is hoping to place a measure on the November ballot that would eliminate changes in state tax law that were adopted over the last two years as part of last year’s budget negotiations, at the request of Republican lawmakers.

The new tax laws would change the way businesses calculate their sales tax debt and allow them to write off past business losses. Initiative proponents say the tax changes will cost the state more than $1 billion in lost revenue. Opponents counter that the tax changes provide California businesses with an ability to grow and speed up the state’s economic recovery.

You can read the text of the proposed initiative here.

-- Anthony York