Three more ballot initiatives, each providing additional tax revenues for the state, have qualified for the November general election, California Secretary of State Deba Bowen announced today. Together they bring the total number of propositions on the ballot this fall to 11.
The first of the three new measures aims to provide additional funds specifically for education and public safety, in two ways. It would set a higher state income tax rate for individuals earning more than $250,000 per year, while also adding a quarter cent to the state sales tax rate. The sales tax increase would be in effect for four years, while the income tax rate change would apply for seven years. If passed, these changes would generate an estimated $6.8 to $9 billion in the first year, and $5.4 to $7.6 billion in each of the following five years. Most of those revenues would be set aside for K-12 educational spending, at the discretion of local school boards.
The second measure also seeks to raise additional funds for education, along with other early childhood programs. It would also make changes in the state income tax rate structure, applied on a sliding scale. Those earning more than $7316 would pay four-tenths of one percent more than they currently do; the rate would go up by 2.2% for those earning more than $2.5 million. The changes would apply for 12 years, and are projected to raise an additional $10 billion to $11 billion by 2024, about half that amount in the 2012-2013 fiscal year.
Unlike the first two, the third measure focuses only on taxes paid by businesses. It would require companies with sales in California to calculate their tax liability to the state solely on the basis of their sales revenues within the state. It would repeal the existing law that allows companies that also operate in other states to choose one of several formulas to determine their tax obligation to California.
Each of the measures would need a simple majority vote to pass.
The deadline for additional measures to qualify for the fall election is June 28, 131 days before the election. At least two more proposed measures are currently going through the signature verification process and could join the 11 already qualified.
The Secretary of State will assign official Proposition numbers to all of the qualified measures in early July.
Telephone: 707-584-2000 Fax: 707-585-1363
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