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Signatures Submitted for Initiative to End Business Tax Exemption
Friday, May 4, 2012
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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