California End State Taxes at Age 55 Amendment (2010)
|Not on Ballot|
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will not appear on a ballot
|Voting on Taxes|
|Not on ballot|
The attorney general's office had provided that title, so the measure was cleared for circulation with a circulation deadline of April 23, 2010.
Text of measure
Eliminates State Income and Property Taxes for All Residents 55 Years Old and Older. Initiative Constitutional Amendment.
Exempts California residents who are 55 years old or older from paying state income and property taxes.}}
Estimated fiscal impact
Annual state revenue losses of $15 billion or more due to new exemptions on personal income and estate taxation. Annual local government revenue losses of $5 billion to $10 billion due to new exemptions on property taxes.
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Every resident of the State of California shall be exempt from all forms of State of California income and property taxes beginning the year following the 55th anniversary of the birth of the resident and continuing every year of residency thereafter until, and including the day of, the resident's death nor shall any form of estate tax be levied on the resident's estate.
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