California Tax on Life Insurance Distributions to Employers (2010)
From Ballotpedia
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A California Tax on Life Insurance Distributions to Employers Initiative may appear on the 2010 state ballot as an initiated state statute.
Gregory Smith is the measure's official proponent.
The proposed initiative has these provisions:
- Life insurance proceeds received by an employer upon the death of a former or retired employee will be considered taxable gross income when the employer lacks an "insurable interest" in the employee.
- Non-profit/charitable organizations are exempted.
Fiscal impact
The California Legislative Analyst's Office estimates the fiscal impact on state and local government as:
- "State revenue increases of up to several millions of dollars from higher business income taxes in some years."
See also
External links
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