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CA Proposition 24 - Repeals Recent Legislation That Would Allow Businesses to Lower Their Tax Liability.
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Parents |
> United States > California > Propositions > 2010 Referendums > Corporate Tax Breaks
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Office | Referendum |
Honorific | Referendum - Abbr: |
Type | Referendum |
Filing Deadline | June 09, 2010 - 12:00pm Central |
Polls Open | November 02, 2010 - 09:00am Central |
Polls Close | November 02, 2010 - 10:00pm Central |
Term Start | November 03, 2010 - 12:00pm |
Term End | 00, 9999 - 12:00pm |
Turnout |
41.57% Registered
19.00% Total Population
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Contributor | Jason |
Last Modified | Hikikomori Blitzkrieg! November 05, 2010 01:45am |
Data Sources | [Link] |
Description |
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.
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