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California Proposition 167, Sales and Income Tax Increases (1992)
Proposition 167 would have increased the tax burden on California taxpayers by an estimated $340 million. It would have raised this additional revenue through a variety of changes to income taxes, sales tax, renters' tax credits, taxes on corporations and taxes on oil and gas.
Proposition 167's official ballot summary said:
- Increases state tax rates for top personal income taxpayers.
- Temporarily suspends indexing on top personal income tax brackets.
- Increases income tax rates for corporations and premium tax rates on insurers.
- Defines corporate income to include specified excess employee compensation.
- Increases tax liability of banks and corporations doing business within and outside California.
- Provides for reappraisal of most business-owned real property upon specified change in ownership interests.
- Imposes new oil severance tax.
- Changes tax rules related to oil and gas production.
- Repeals 1991 sales tax increases.
- Provides for renters' tax credits.
The fiscal estimate provided by the California Legislative Analyst's Office said:
- Increases state tax revenues by roughly $340 million in 1992-93, and $210 million annually through 1995-96. Additional annual revenue increases of roughly $1 billion beginning in 1996-97.
- Replaces state expenditures on schools with increased local property tax revenue of $350 million to $700 million annually beginning in 1993-94.
- Increases property tax revenue to local governments by $750 million to $1.4 billion annually, beginning in 1993-94. Reduces sales tax revenue to local governments by about $95 million in 1992-93 and $200 million annually thereafter.
- The actual fiscal impact could differ significantly from these estimates, depending on how individuals and businesses respond to the measure's tax changes.
- November 3, 1992 Official Voter Guide
- Hastings California I&R database
- Los Angeles Law Library, 1992 ballot propositions