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ABX1 40 - State Tax Code Restructuring - California Key Vote

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Title: State Tax Code Restructuring

Vote Smart's Synopsis:

Vote to pass a bill that revises the tax code.

Highlights:

-Requires companies to base tax calculations on in-state sales (Sec. 1). -Increases the standard deduction for California taxpayers by 27 percent (Sec. 4). -Defines "small business" as a corporation with total income from all sources derived from, or attributable, to the state of $250,000 or less (Sec. 8). -Specifies an effective date of January 1, 2012 (Sec. 1).

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

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