A coalition of environmental groups that dubs itself the "Californians to Close the Out-of-State Corporate Tax Loophole” has announced that it will qualify a measure for the November ballot thanks to the fact that it just submitted over 900,000 signatures (only 504,760 valid voter signatures are needed to qualify). Governor Jerry Brown isn’t likely to be happy that there could now be three different tax measures on the ballot this fall, as he’s concerned that voters will reject his tax measure if other tax-related proposals appear on the same ballot.
So how is this proposal different? It would close a tax exemption for out-of-state businesses and the Bee points out that “for the first five years, the initiative is projected to raise about a billion dollars per year, with about half going toward energy conservation efforts at schools and other public buildings. The remainder would go toward the state's general fund.”
This proposal is being funded by billionaire hedge-fund manager Tom Steyer; in fact, Steyer has donated $20 million toward the initiative. He has donated a total of $21.9 million to the campaign, which is one of the highest amounts an individual has donated to a California initiative effort.
U.S. Secretary of State George Shultz and with Democratic State Sen. Kevin de Leon are also supporters of the initiative. More can be seen here.
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