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Issue Position: Proposition 24 - Repeal Corporate Tax Loopholes Act

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OPPOSE

"At a time when we're trying to pull California out of a deep recession and put people back to work, Prop. 24 imposes tax increases on the very businesses that create jobs. California employers and small businesses will be hit with nearly $2 billion dollars in higher taxes which will further stifle job growth throughout the state. That means more small businesses closing shop, more employers expanding into other states, fewer jobs, and fewer long-term tax revenues to fund the general fund."

I oppose Proposition 24 because it repeals recently enacted tax benefits such as: the elective single sales factor, net operating loss (NOL) carry back, and tax credit sharing. It would additionally repeal the recently enacted expansion of the NOL carryover from 10 to 20 years. The California State Franchise Tax Board estimates show 120,000 businesses would pay higher taxes under Proposition 24.


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