California "Corporations Amendment" Initiative (2012)

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A California "Corporations Amendment" Initiative (#11-0054) was approved for circulation in California as a contender for the November 6, 2012 ballot.

Its sponsors, however, did not submit any signatures to election officials by the deadline.

If the initiative had qualified for the ballot and been approved by the state's voters, it would have:

  • Replaced most of the current California law governing corporations in a way that would have allowed the state the maximum authority over corporations permitted by the federal constitution.
  • Declared that corporations are not persons or citizens; this would have eliminated the state constitutional protections currently afforded to corporations in California.
  • Held officers and directors personally liable for a corporation's intentional acts or crimes.
  • Allowed corporations to discriminate to the maximum extent permitted by federal constitution, if supported by quantifiable, scientific link to business purpose of corporation or specific decision being made.
  • Stripped the non-profit status of a corporation if more than 30% of its gross income was spent on administrative costs.
  • Altered the state's rules governing corporate income taxes and deductions.

Text of measure

See also: Ballot titles, summaries and fiscal statements for California's 2012 ballot propositions

Ballot title:

Regulation of Corporations. Initiative Constitutional Amendment.

Official summary:

"Substantially replaces current California law governing corporations, to allow maximum authority over corporations permitted by federal constitution. Declares corporations are not persons or citizens, thereby eliminating corporations' state constitutional protections. Holds officers and directors personally liable for a corporation's intentional acts or crimes. Allows corporations to discriminate to maximum extent permitted by federal constitution, if supported by quantifiable, scientific link to business purpose of corporation or specific decision being made. Strips corporation's non-profit status if more than 30 percent of gross income spent on administrative costs. Alters rules governing corporate income taxes and deductions."

Summary of estimated fiscal impact:

(This is a summary of the initiative's estimated "fiscal impact on state and local government" prepared by the California Legislative Analyst's Office and the Director of Finance.)

"It is the opinion of the Legislative Analyst and Director of Finance that the measure may result in a substantial net change in state or local finances if adopted."

Path to the ballot

See also: California signature requirements

External links

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