SUMMARY
Repeals recent legislation that would allow businesses to lower theirs tax liability.
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.
WHAT YOUR VOTE MEANS
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.
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.
FOR ADDITIONAL INFORMATION VISIT
www.YesProp24.org and www.StopProp24.com
Official voter information guide courtesy of the Secretary of State web site.
To find out how and where to vote call (800) 345-VOTE or visitÂwww.sos.ca.gov.
