Calif. Assembly Approves Corporate Tax Hike

Tuesday, 14 Aug 2012 02:47 PM

By Alec Weisman

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The California Assembly has narrowly approved legislation that would increase corporate taxes on out-of-state businesses to generate $1 billion per year for college scholarships.
 
The legislation, sponsored by Assembly Democratic Speaker John A. Perez, barely achieved the supermajority of votes required in the 80-member chamber for fee or tax increases, according to the San Francisco Chronicle.
 
The votes of Republican Brian Nestande and independent Nathan Fletcher helped pass the measure, which essentially repeals a corporate tax break initially passed as part of a 2009 budget deal.
 
The bill changes the tax formula for out-of-state businesses to the “single sales factor,” which requires companies to use only their California receipts and sales figures in calculating the state income tax.  
 
The legislation is expected to raise $1 billion a year to provide assistance to students in the California State University and University of California systems.
 
But the measure still bill faces an uphill battle in the state Senate, which killed a similar proposal last year.
 
However, voters will have a chance in November to weigh in on the issue themselves when they vote on Proposition 39, an initiative on the ballot that would repeal the corporate tax break anyway.

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