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Propositions

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PROP
24

REPEALS RECENT LEGISLATION THAT WOULD ALLOW BUSINESSES TO LOWER THEIR TAX LIABILITY. INITIATIVE STATUTE.

Summary

Put on the Ballot by Petition Signatures

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

YESA 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.
NOA 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.

ARGUMENTS

PROProp. 24 stops $1.7 billion in new special tax breaks for wealthy, multi-state corporations. They get unfair tax loopholes without creating one new job while small businesses get virtually no benefit. Public schools, healthcare and public safety should come before tax loopholes. Vote YES on 24—the Tax Fairness Act.
CONCALIFORNIA NEEDS JOBS, NOT A JOBS TAX! Prop. 24 doesn't guarantee $1 for our classrooms and REDUCES long-term revenues for schools and vital services. It would hurt small businesses, tax job creation, send jobs OUT of California—costing us 144,000 jobs. Families can't afford 24's new taxes. No on 24!

FOR ADDITIONAL INFORMATION

FOR

Yes on 24, the Tax Fairness Act
  sponsored by the California Teachers Association
Richard Stapler
1510 J Street, Suite 210
Sacramento, CA 95814
(916) 443-7817
www.YESPROP24.ORG

AGAINST

No on 24—Stop the Jobs Tax, a
  coalition of taxpayers, employers, small
  businesses, former educators and high tech
  and biotechnology organizations
111 Anza Boulevard, #406
Burlingame, CA 94010
(800) 610-4150
info@StopProp24.com
www.StopProp24.com