California Statewide General Election
Tuesday, November 2, 2010, Official Voter Information Guide
Official Voter Information Guide
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Propositions
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- Proposition 20
- Proposition 21
- Proposition 22
- Proposition 23
Proposition 24
- Proposition 25
- Proposition 26
- Proposition 27
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PROPOSITION
24
REPEALS RECENT LEGISLATION THAT WOULD ALLOW BUSINESSES TO LOWER THEIR TAX LIABILITY. INITIATIVE STATUTE.
Official Title and Summary
Prepared by the Attorney General
REPEALS RECENT LEGISLATION THAT WOULD ALLOW BUSINESSES TO
LOWER THEIR TAX LIABILITY. INITIATIVE STATUTE.
- 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.
Summary of Legislative Analyst's Estimate of Net State and Local Government 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.