Tax Treatment for Multistate Businesses. Clean Energy and Energy Efficiency Funding. Initiative Statute.
California Ballot Measure - Proposition 39
Election: Nov. 6, 2012 (General)
Outcome: Passed
Categories:
Business and ConsumersEnergy
Taxes
Summary
- Requires multistate businesses to calculate their California income tax liability based on the percentage of their sales in California.
- Repeals existing law giving multistate businesses an option to choose a tax liability formula that provides favorable tax treatment for businesses with property and payroll outside California.
- Dedicates $550 million annually for five years from anticipated increase in revenue for the purpose of funding projects that create energy efficiency and clean energy jobs in California.
Measure Text
Requires multi-state businesses to pay income taxes based on percentage of their sales in California. Dedicates revenues for five years to clean/efficient energy projects. Fiscal Impact: Increased state revenues of $1 billion annually, with half of the revenues over the next five years spent on energy efficiency projects. Of the remaining revenues, a significant portion likely would be spent on schools.
Resources
Official Summary
Full Text
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