California Tax on Life Insurance Distributions to Employers (2010)
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will not appear on a ballot
Gregory Smith was the measure's official proponent.
The proposed initiative, an initiated state statute, had 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.
The California Legislative Analyst's Office estimated 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."
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