[NO] CALIFORNIA PROPOSITION 24 (NOV, 2010) -- TAX LIABILITIES
California is not a business-friendly state, both on matters of taxation and onerous rules and regulations. Unions and their public employees want to suck every available dollar out of corporations to fund their social justice programs. Therefore, I strongly urge a NO vote on this matter lest we, once again, disadvantage California’s businesses in a competitive environment – all for the benefit of public employees. Again, I urge a NO vote.
-- steve
The official position …
| Proposition 24 – Put on Ballot by Petition Signatures |
| REPEALS RECENT LEGISLATION THAT WOULD ALLOW BUSINESSES TO LOWER THEIR TAX LIABILITY. INITIATIVE STATUTE. |
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Fiscal Impact: Increased state revenues of about $1.3 billion each year by 2012–13 from higher taxes paid by some businesses. Smaller increases in 2010–11 and 2011–12. |
| NO -- A NO vote on this measure means: Three business tax provisions that were recently changed will not be affected. As a result of maintaining current law: (1) a business will be able to deduct losses in one year against income in more situations, (2) most multistate businesses could choose to have their California income determined based only on a single sales factor, and (3) a business will be able to share its tax credits with related businesses. |
| A YES vote on this measure means: Three business tax provisions will return to what they were before 2008 and 2009 law changes. As a result: (1) a business will be less able to deduct losses in one year against income in other years, (2) a multistate business will have its California income determined by a calculation using three factors, and (3) a business will not be able to share tax credits with related businesses. |
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