Vote Smart's Synopsis:

Vote to pass a bill that submits a question to the voters that authorizes the taxation of corporate income located in foreign tax havens.

Highlights:

• Requires the Secretary of State to submit a ballot question in the statewide election on November 3, 2015 asking voters to increase state taxes by $150 million in the first full fiscal year and by such amounts raised annually from the taxation of an “includable C corporation’s” income located in a foreign “tax haven” (Sec. 3).
• Defines an “includable C corporation” as any C corporation that has more than 20 percent of its property and payroll within the 50 United States and the District of Columbia, or that is incorporated within a “tax haven” (Sec. 2).
• Defines “tax haven” as a country with minimal or no taxes, including, but not limited to, the following countries (Sec. 2):
• Bermuda;
• Cayman Islands;
• Liberia;
• Luxembourg; and
• Malta.
• Specifies that an includable C corporation’s taxable income includes income located in or moved to a foreign tax haven (Secs. 2 & 4).
• Appropriates an additional $150 million for elementary and secondary public school education during the first full fiscal year after voter approval, and annually thereafter (Sec. 3).
• Appropriates all additional revenue over $150 million obtained after the first full fiscal year through the taxation of a corporation's income located in a foreign tax haven to elementary and secondary public school education (Secs. 3 & 4).

Full Bill Text