California Online Voter Guide

November 2010 Statewide General Election

20th edition

Proposition 24 - Repeals Recent Legislation That Would Allow Businesses to Carry Back Losses, Share Tax Credits, and Use a Sales-Based Income Calculation to Lower Taxable Income. Failed

Initiative Statute

• Official Summary

• What a Yes or No Vote Means

• Official Voter Guide page
• Campaign Web Sites and Contact Information
• Who Signed the Ballot Arguments
• News Stories

• Follow the Money/Top 5 Donors

 

Official Summary:

• 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.

What a Yes or No Vote Means

A 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.

A 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.

Official Voter Guide page

This page features the Legislative Analyst's analysis, pro-con arguments, legislative votes and the full proposition text.

Campaign Web Sites and Contact Information

• Yes on Proposition 24

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

   

• No on Proposition 24

  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
  Phone: (800) 610-4150
  Email: info@StopProp24.com
  Web site: www.StopProp24.com

Who Signed the Ballot Arguments

• Yes on Proposition 24

  David A. Sanchez, President, California Teachers Association
  Janis R. Hirohama, President, League of Women Voters of California
  Lenny Goldberg, Executive Director, California Tax Reform Association

• No on Proposition 24

  Teresa Casazza, President, California Taxpayers' Association
  Marian Bergeson, Former California Secretary of Education
  Bill La Marr, Executive Director, California Small Business Alliance

News Stories

This page provides excerpts from and links to news coverage of the propositions on the ballot.

Follow the Money

Proposition 24 - Top Five Donors (as of 10/17/10)
Position	S U P P O R T			O P P O S E
Total Raised * (as of 10/17)	$13,082,275			$13,416,000
Top Donors (as of 10/17)	Donor information	Amount		Donor Information	Amount
	California Teachers Association Issues PAC, Burlingame, CA	$7,461,006		Viacom, Inc., New York, NY	$1,600,000
	America’s Families First, Washington, DC	$2,150,000		Cisco Systems, Inc., San Jose, CA	$1,600,000
	National Education Association, Washington, DC	$1,125,000		Time Warner, New York, NY	$1,500,000
	Alliance for a Better California 2010, Sacramento, CA	$334,886		Walt Disney Company, Burbank, CA	$1,400,000
	SCOPE S.I., Los Angeles, CA	$250,000		Genentech, Inc., Sacramento, CA	$1,350,500

 

• Total amount raised includes all contributions received in 2009 and through September 30, 2010, plus contributions of $5,000 or more received between October 1-17, 2010.

Detailed information about all contributors for and against Proposition 24 is available from campaign finance reports at Cal-Access, the Secretary of State's campaign disclosure web site.

To view the most recent contributions, select a committee and click "Late and $5000+ Contributions Received".

 

Proposition 19 Proposition 20 Proposition 21 Proposition 22 Proposition 23 Proposition 24 Proposition 25 Proposition 26 Proposition 27

This page was first published on September 6, 2010 | Last updated on January 27, 2011
Copyright California Voter Foundation, All Rights Reserved.