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Signatures Submitted for Initiative to End Business Tax Exemption

Bay Area venture capitalist Tom Steyer has poured millions of dollars into this measure. He said it would raise a billion dollars a year for green building projects and the state budget by closing a tax loophole.

"There is an error in state tax law that allows out-of-state corporations to pay less tax than California corporations on the same sales," said Steyer.

Peter DeMarco represents a business coalition that believes the tax law should remain as it is. He asserted that "now is hardly the time - if ever - to make some policy change that is going to drive workers and jobs out of California."

Two other tax measures could also be on the November ballot - one from education advocate Molly Munger and one from Governor Jerry Brown. There's also a proposal that would end the same tax exemption in the California legislature.

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