"Repeal Corporate Loophole" initiative sponsors file sigs in California

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May 11, 2010

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SACRAMENTO, California: Sponsors of an initiated state statute that would stop several corporate tax breaks from going into effect in 2010 and 2012 filed 800,000 signatures with election authorities on May 12, versus a requirement of 433,971 signatures.[1] The California Teachers Association is the main sponsor of the initiative.

The breaks were approved by the California Governor Arnold Schwarzenegger. The initiative could stop eligible corporations from receiving $2.5 billion in tax breaks per year.[2]

The targeted tax breaks include:

  • The "single-sales factor." This allows multi-state corporations to choose whether they will be taxed on property, payroll or sales.[3]
  • Loss carry-backs. This allows corporations that are experiencing losses in California's current economy to get refunds for taxes paid up to two years previously.
  • Tax credit-sharing. This allows companies with more tax credits than they can use to distribute the tax credits to affiliates.

See also

References