Calif. Assembly Approves Corporate Tax Hike

Tuesday, 14 Aug 2012 02:47 PM

By Alec Weisman

  Comment  |
   Contact  |
|  A   A  
  Copy Shortlink
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.

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Copy Shortlink
Send me more news as it happens.
Get me on The Wire
Send me more news as it happens.
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Passengers Push Plane on Icy Russian Runway (With Help of a Tractor)

Wednesday, 26 Nov 2014 20:45 PM

Passengers on a Russian plane got off to push the aircraft to help get it on the runway after it began slipping on ice i . . .

Bernie Tiede, Convicted Murderer Mortician, to Get New Sentencing

Wednesday, 26 Nov 2014 17:39 PM

Bernie Tiede, the mortician who was convicted of killing his companion Marjorie Nugent in 1996, will receive a new sente . . .

Chrysler Pentastar Logo Getting Phased Out With FCA Formation

Wednesday, 26 Nov 2014 15:51 PM

Chrysler's iconic Pentastar logo is being phased out as the company introduces a new logo in keeping with the newly form . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved